Azrieli Group Ltd. (TASE: AZRG) reported this morning that its subsidiary Granite Hacarmel is in advanced negotiations with David Wiessman for the sale of its entire holding in fuel company Sonol.
Azrieli Group seeks to focus on its income producing real estate business, and to sell businesses that are not part of this core activity.
Azrieli Group stresses that there is no certainty that the negotiations will mature into a binding deal and that the full details of the transaction are not yet clear. In any event, any deal will not have a material effect on Azrieli Group's financial results. The company also said that it delayed reporting the negotiations in order not to harm their chances of success.
Azrieli Group has held negotiations on the sale of Sonol with several parties in the past, including with S. Shlomo Holdings Ltd. (TASE:SHLD).
Wiessman is part of the controlling interest in Alon Blue Square Israel, parent company of failed supermarket chain Mega, which is now in trusteeship.
Published by Globes [online], Israel business news - www.globes-online.com - on February 2, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016