"Everything for NIS 5" café chain Cofix is on its way to becoming a public company. Real estate developer Avi Katz, who controls the chain, is to buy stock exchange shell company Agri Invest Ltd. (TASE:AGRI). Trading in Agri Invest was suspended this morning.
Agri Invest, controlled by Lior Tamar Investments (40%), Ori Ackerman (25%) and Azriel Zulty (19.5%), has no business activity. In 2014, it had zero revenue and a loss of NIS 389 thousand. It has shareholders' equity of NIS 1.96 million, and a market cap of NIS 30 million.
Once the deal is complete, Cofix's owners will hold 84.5% of the company, and the public 15.5%. The Cofix chain was launched in September 2013, and made waves by selling coffee, baked goods and sandwiches for just NIS 5 each.
The chain now has 70 branches, based on franchises, and plans to expand its activity at the end of this month with the launch of a new format under the name "Super Cofix", a supermarket in which all products will be sold for NIS 5. The launch will be with two branches in Tel Aviv, followed by branches in Petah Tikva and Herzliya. The Cofix owners intend to use the stock market shell to raise capital that will enable them to develop the two chains rapidly throughout Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2015
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