AIRPORT CITY, Israel,
September 24, 2017 /PRNewswire/
-- Shikun & Binui Ltd. (TASE: SKBN.TA), a global
construction, infrastructure and real estate company, announced
today that, Following the immediate reports regarding ensuing
negotiations between Shikun & Binui, Dune and Apollo have
reached an agreement with respect to their holdings in ADOG. The
agreement regulates the rights of each party as shareholder in
ADOG, which will be led and controlled by Shikun & Binui.
The agreement aims to further develop ADOG's activities by
utilizing the experience and resources that stand at the disposal
of each party, including continued enhancement of ADO Properties'
operations in Berlin; the
agreement also enables the parties to divest their current holdings
in ADOG, in order to increase public holdings and improve
liquidity.
The agreement will come into effect pending several conditions,
including a successful acceptance of tender offer in ADOG, and
obtainment of relevant approvals from regulatory authorities both
in Israel and Europe; while there is no certainty that these
conditions will be met, Shikun & Binui expects to record a
profit currently estimated at 300-380
million NIS, once the agreement becomes effective.
Moshe Lahmani, Chairman of
Shikun & Binui: "We are happy to have come to terms with
Dune and Apollo regarding our holding in ADOG. Shikun & Binui
believes that this understanding will enable continued development
of ADOG's activities, led by the experience Shikun & Binui has
gained in Berlin, and leveraging
the knowhow and additional resources of Dune and Apollo. We see
significant potential in the strong partnership that has been
created, and have faith in the parties' ability to work together to
advance strategic and business moves, while enhancing the company's
operations and generating value for all shareholders."
Mickey Dayan: "We welcome
the collaboration with Shikun & Binui and Apollo, and hope to
leverage our knowledge of the German real estate market to further
growth in ADO. The strong macro indicators in Berlin continue to support the continued
growth potential of Berlin's real
estate market. ADO is now embarking on a new journey equipped with
a strong management structure, well-established growth support
platform and new shareholders that wish to contribute and further
appreciate ADO for the good of all parties involved."
About the Shikun & Binui Group
The Shikun & Binui Group is a global construction and
infrastructure company that operates in Israel and internationally in seven segments:
1) infrastructure and construction contracting outside of
Israel; 2) infrastructure and
construction contracting within Israel; 3) real estate development within
Israel; 4) real estate development
outside of Israel; 5) renewable
energy; and 6) concessions. The Group's activities focus on large,
highly complex projects carried out for entities in private and
public sectors with a focus on sustainability.
This summary announcement was prepared solely for the
convenience of the reader and does not replace Shikun & Binui
Ltd.'s (hereafter – "the Company") full report. The
information contained in this announcement is, by its nature,
incomplete. All of its contents are provided as a supplement to the
Company's report, and are subject to the declarations therein
stated. This announcement includes forecasts, assessments,
estimates and other information relating to the Company or its
subsidiaries, or to other parties or to future events and matters,
the extent of whose realization is not certain and is not under the
sole control of the Company (forward-looking information, as
defined in the Securities Law-1968). The key facts and data
serving as the basis for this information are facts and data, among
others, related to the current status of the Company and its
businesses, facts and data relating to the current status of the
operating segments in which the Company engages in its areas of
operation, and other macroeconomic facts and data known to the
Company on the preparation date of this presentation.
It is understood that forward-looking information does not
constitute a fact and is based solely on subjective
assessments. Forward-looking information is uncertain and for
the most part, is not under the Company's control. The
realization or non-realization of the forward-looking information
will be influenced, among others, by the risk factors that
characterize the Company's operations, as well as developments in
the general environment and external factors that impact the
Company's operations. The Company's future results and
achievements could differ significantly from those presented in
this presentation. The Company is not obligated to update or
modify the said forecast or assessment, and is not obligated to
update this announcement. This announcement does not
constitute an offer to purchase the Company's securities or an
invitation to receive such offers. An investment in
securities in general, and in the Company in particular, carries
risk. One must take into account that past data do not
necessarily indicate future performance.
IR Contacts:
Company
Inbal
Uliansky
+972(3)6301058
inbal_u@shikunbinui.com
External IR
Ehud Helft
GK Investor Relations
+1-617-418-3096
shikunbinuni@gkir.com