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(From Israel Business Arena)
IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Property and Building Ltd. (TASE: PTBL) yesterday bought the 25% stake of Israel Phoenix Assurance Ltd. (TASE: PHOE1;PHOE5) in the Givatayim Mall for NIS 147 million. Globes yesterday reported that Property and Building is expected to buy an additional 25% of the mall from Shikun Ovdim Ltd. within 45 days, using Phoenix's first refusal rights. Nochi Dankner is the chairman and controlling shareholder of IDB.
Property and Building will pay 5% purchase tax on the deal. If it buys an additional 25% of the mall, the company will pay NIS 15 million property tax altogether.
IDB subsidiary Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) owns the remaining rights to the Givatayim Mall. The present sale is conditional on Property and Building buying the outstanding 25% stake in the mall from Shkiun Ovdim and reach 50% ownership. If no agreement is reached, Dankner can cancel ...