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Shlomo Shmeltzer in advanced talks to buy Sonol

Shlomo Shmeltzer
Shlomo Shmeltzer
5 Jun, 2014 18:12
שלח תגובה במיילRon Steinblatt

David Azrieli is asking NIS 500 million for the fuel company.

Sources inform ''Globes'' that Shlomo Shmeltzer is in advanced talks to buy fuel company Sonol Israel Ltd. from David Azrieli for NIS 500 million, and that a deal is close.

Shmeltzer, Granite Hacarmel Investments Ltd. CEO Menachem Einan, and Azrieli Group Ltd. (TASE: AZRG) CEO Yuval Bronstein all declined to comment on the report.

Azrieli Group owns Sonol, just as it used to own paint company Tambour Ltd., through Granite Hacarmel, and put the companies up for sale when it delisted Granite Hacarmel from the Tel Aviv Stock Exchange (TASE) in October 2012, because the company's activities are not core business for the mall owner. Granite Hacarmel also owns Supergas Ltd. and GES Global Environmental Solutions Ltd. , and water desalination operations.

Shmeltzer controls several vehicles, infrastructures, real estate, and shipyard companies, mostly through S. Shlomo Holdings Ltd. (TASE:SHLD), which owns Shlomo Sixt, Israel's largest car hire company. He also controls electromechanical systems manufacturer Afcon Holdings Ltd. (TASE: AFHL); Gold Bond Group Ltd. (TASE:GOLD), which operates a cargo terminal at the Ashdod Port; and Israel Shipyards Ltd., together with Sammy Katsav and Shlomi Fogel.

Sonol posted NIS 5.3 billion revenue in 2013, but its operating profit of NIS 102 million was down 5% from 2012. The company was hit by the start of natural gas sales from the Tamar field, which halved sales of industrial oil.

Azrieli sold Tambour to Singapore-based Kusto Group Ltd. for NIS 500 million last month. Azrieli is also in talks to sell Supergas, and to refinance its NIS 450 million bond debt.

Published by Globes [online], Israel business news - www.globes-online.com - on June 5, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

Shlomo Shmeltzer
Shlomo Shmeltzer
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