China's Fosun set to buy stake in Israeli co Ahava

Ahava

Gaon Holdings is selling its 16% stake in the Dead Sea cosmetics manufacturer at a company value of NIS 290 million.

B. Gaon Holdings Ltd. (TASE: GAON) reported to the Tel Aviv Stock Exchange (TASE) this morning that it has reached agreement on the formulation of an agreement for the sale of its 16% stake in Dead Sea cosmetics manufacturer Ahava at a company value of NIS 290 million. Gaon expects the deal to be signed in the coming few days. Market sources believe that the unnamed third party that will buy the stake is Chinese group Fosun.

Other major shareholders in Ahava include the US Shamrock Fund, the Livnat family and Kibbutz Mitzpeh Shalem. Gaon will report a profit of NIS 18 million if the deal goes through.

Ahava manufactures and sells cosmetic products for skin care from minerals and mud produced at the Dead Sea and Fosun is reportedly interested in introducing the products to the Chinese market.

Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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