Property and Building Ltd. (TASE: PTBL) CEO for the past fourteen years Segi Eitan stepped down last Tuesday, three months after notifying the company's board that she would do so. For the time being, Eitan is being replaced by board chairperson Eduardo Elsztain, until a permanent replacement is found.
Property and Building is a holding company that deals in various branches of real estate through subsidiary companies. It has a NIS 2 billion market cap, after a 20% rise in its share price in the past year. Last week, the company reported that it was examining the possibility of issuing further bonds in its 9 series, and released a preview of its first quarter results. It expects to post a net profit of NIS 35-60 million for the quarter, which compares with a profit of NIS 52 million in the corresponding quarter of 2018.
Meanwhile, rating company Midroog reported last week that it was placing Property & Building's bond rating, which currently stands at A1, under credit review, because of the risk to the company arising from the fact that it is exposed to the effects of structural change in the IDB-Discount Investment group, which controls it, because of the restrictions under the Concentration Law on holding third-tier subsidiaries.
Published by Globes, Israel business news - en.globes.co.il - on May 12, 2019
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