Ma'ariv investor delays payment again

The company said that Zaki Rakib has not transferred the $10 million that he committed to pay by September 16th.

Newspaper publishing firm Ma'ariv Holdings Ltd. (TASE: MARV) said this morning that the closing of its investment deal with businessman Zaki Rakib has once again been delayed.

The company said that Rakib has not transferred the $10 million that he committed to pay by September 16th.

Rakib has already paid $5 million. He requested to postpone the closing until October 4th, and said that the sum that he was supposed to pay under the agreement would be paid by then.

Second quarter financial results showed that Ma'ariv only had about NIS 7 million in liquid reserves left, and its cash burn rate was still high.

When the deal is completed, Ofer Nimrodi's Israel Land Development Company and Rakib will each own about 44%, with the public holding the rest.

Published by Globes [online], Israel business news - www.globes-online.com - on September 19, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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