The fuel company expects net profit of NIS 112 million from the deal including the land.
Paz Oil Company Ltd. (TASE:PZOL) has said that it is selling its shares in the Pi Glilot Oil and Pipe Terminals Co. Ltd. and land in the entire Ramat Hasharon complex for NIS 237 million.
The company says that the Pi Glilot shares and the land covering 41 acres are not dependent on each other, and completing the sale of the Pi Glilot stake is subject to waiving the right of refusal by the remainder of the shareholders, and approval by the Ministry of National Infrastructures, Energy and Water Resources and Pi Glilot's board of directors.
The company expects the Pi Glilot deal to yield a net profit of NIS 84 million with a further NIS 28 million from the land.
Published by Globes [online], Israel business news - www.globes-online.com - on January 22, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
Pi Glilot