Singaporean group buys Tambour for NIS 500m

Azrieli Group will post a NIS 50 million gain on the sale of the Israeli paints company.

Granite Hacarmel Investments Ltd. (TASE: GRNT), of the Azrieli Group Ltd. (TASE: AZRG), announced yesterday evening that it was selling paints company Tambour, based in Netanya, to the Singapore-based Kusto group for NIS 500 million. The sale is an "as is" deal. The buyers have deposited an advance payment of NIS 70 million with Granite Hacarmel.

Azrieli Group is expected to post a post-tax gain of some NIS 50 million, while Granite Hacarmel's post-tax gain will be about NIS 60 million.

Azrieli Group had been in talks earlier this year to sell Tambour to UK-based private equity firm Apax Partners for a similar price.

Kusto is a privately owned international industrial holding company with varied interests, including in construction, real estate, building materials, and energy. It is active in North America, Eastern Europe, and South-East Asia, with a global turnover of $1.4 billion annually.

Daniel Kunin, managing director at The Kusto Group Inc., said that Kusto was not a financial investor. "We believe in long-term, sustained investment. Tambour is a leader in its field in Israel, and we chose it in order to turn it, with its employees, into a leading Israeli company in the global construction materials industry. This is our first investment in Israel."

Menachem Einan, chairman of Granite Hacarmel and acting chairman of the Azrieli Group, said, "The deal for the sale of Tambour is the realization of the group's strategy of focusing on its core activity in income-producing real estate and selling businesses not connected to this field. The buying group plans to invest in and expand Tambour's activities in Israel and globally. I am sure that this deal is excellent for Tambour and its employees, and that under Kusto's leadership the company will go on to great success."

Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

Caesarstone kitchen credit: Caesarstone Caesarstone bucks Nasdaq as tariffs boost potential

The Israeli quartz countertop manufacturer company has fallen on hard times due to Chinese rivalry but tariffs could boost its revenue.

ZIM ship credit: ZIM Trump's tariffs torpedo ZIM's share price

ZIM's share price fell 16.4% on Wall Street on Thursday and a further 7.2% on Friday, closing with a market cap of $1.5 billion, wiping out all its gains in 2025.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Tel Aviv, Holon, Rehovot, Kiryat Tivon, Shlomi and Beersheva.

THAAD anti missile system credit: The US Army Ralph Scott Wikimedia US deploys more THAAD, Patriot batteries in Israel - report

Amid rising regional tensions the US is bolstering Israel's air defense, Saudi state-owned TV channel Al Arabiya reports.

Tel Aviv Stock Exchange credit: Shutterstock TASE tumbles in Wall Street's wake

Dual-listed stocks have again been hard hit, but the banks are also down sharply.

Donald Trump and Benjamin Netanyahu credit: Avi Ohayon Netanyahu due in Washington to discuss tariffs

According to news website Axios, Prime Minister Benjamin Netanyahu will be the first leader to meet President Trump after the latter's announcement of sweeping import tariffs.

Yoni Assia CEO eToro Credit: PR eToro defers IPO amid market turmoil

The online trading platform had planned to begin meetings with investors this week.

Minister of Finance Bezalel Smotrich credit: Shlomi Yosef Smotrich meets wrong man in Washington

Minister of Finance Bezalel Smotrich tried to persuade Secretary of the Treasury Scott Bessent to soften the tariff blow on Israel - only Bessent isn't responsible for the matter.

Unframe founders credit: Yossi Yarom Israeli AI enterprise platform co Unframe raises $50m

Unframe’s turnkey AI solutions enable companies to solve any enterprise AI use case at scale with fully functional, customized AI solutions for businesses in a matter of hours, rather than months.

Combatica credit: Combatica Combatica launches next-gen VR AI training platform

The Israeli company's virtual reality platform includes 50 AI generated scenarios, seven maps and even situations for operating night vision.

Shekel credit: Shutterstock Vladirina 32 Shekel volatility after US tariffs announcement

The shekel is weakening sharply against the euro, which is gaining following the unveiling of Donald Trump's tariffs plan.

Minister of Finance Bezalel Smotrich credit: Noam Moskovitz Knesset Spokesperson Treasury assesses potential damage to Israel's US exports

Israel will be charged a higher tariff on its exports to the US - its biggest export customer - than Turkey and the UAE.

Iranian flag credit: Shutterstock Why inflation haunts Iran

With a month-on-month increase of 3.3% and an annual rate of 37.1%, inflation reflects the struggles of millions of Iranians.

APM merges with lawyers from Doron, Tikotzky Kantor, Gutman credit: Eyal Merilos APM merges with 12 lawyers from Doron, Tikotzky Kantor, Gutman

With the addition of these 12 lawyers, Amit Pollak Matalon & Co. will now have 135 lawyers.

US President Donald Trump credit: Reuters Sipa USA Israel on list as Trump unveils tariffs

Relatively low reciprocal tariffs will be imposed on Israeli goods sold in the US.

Deflated unicorn credit: Shutterstock Big Tech 50 reports more huge falls in startup valuations

Israeli R&D partnership Big Tech 50 reports that an investment of $2 million in Orcam made in 2021, shrank to just $31,000 at the end of 2024.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018