Lev Leviev is selling assets to meet payments of NIS 20 billion.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev, continues to sell assets in order to meet payments of NIS 20 billion. The company today notified the Tel Aviv Stock Exchange that it had completed the sale of its holdings in swimwear manufacturer Gottex Models Ltd.. Africa-Israel sold its 50% stake for NIS 166 million.
As part of the deal, the two sides agreed to revise the payment schedule. Africa-Israel received NIS 71 million as an advance before the date of the deal's completion, with an additional NIS 50 million paid on completion of the deal, while a further NIS 45 million will be paid at various agreed dates in the future.
Africa-Israel's share was unchanged in early afternoon trading on the TASE at NIS 71.40.
Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2009
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