Israeli company Inbar Group Finance (TASE: INBR) saw its share price jump 60% over the past week after announcing that it had signed an agreement to enter the electric bike sector. 60% of its shares will be allocated to the incoming company after Inbar Group's previous activities in stock and derivatives trading collapsed earlier this year when market fell sharply at the start of the Covid-19 crisis.
The incoming controlling shareholders are Blitz Electric Motors, which according to Inbar Group is engaged in "manufacturing and marketing electric bikes." Blitz holds unique technology for which a patent has been applied for of "a light battery, which is easy to recharge and safe for charging electric bicycles, which can be ridden for a longer journeys."
Inbar Group says that Blitz has to date sold 2,000 bicycles and customers include the Israeli franchisees for Domino's Pizza, McDonalds, Pizz Hut, the Vehicle Administration and local authorities.
Blitz had revenue of NIS 8 million in 2019 and net profit of NIS 120,000.
Blitz was founded in 2012 by CEO Rafael Muzinsky, who if the deal is realized will receive 60% of Inbar Group's shares. At present Inbar Group is controlled by Amir Eldar and CEO Gali Lieberman, while Raya Strauss Ben-Dror has an 8% stake.
Published by Globes, Israel business news - en.globes.co.il - on December 14, 2020
© Copyright of Globes Publisher Itonut (1983) Ltd. 2020