Tnuva to pay NIS 400m dividend

Tnuva is paying a final dividend ahead of its sale to China's Bright Food Group.

Yossi Nissan Just before it is sold to Chinese company Bright Food Group, the board of directors of Tnuva Food Industries Ltd. has decided to distribute a dividend totaling NIS 400 million. Mivtach-Shamir Food Industries Ltd. (TASE:SHAM), which owns 20.7% of Tnuva, notified the Tel Aviv Stock Exchange (TASE) that its share of the dividend would amount to NIS 82.6 million. Apax Partners holds 76% of the rights in Tnuva.

In May, Apax agreed to sell its 56% stake in Tnuva to Bright Food for NIS 8.6 billion brining it a massive tax free capital gain of NIS 4 billion. The price is set unless there is a sudden drastic worsening of the company's results. Bright Food announced that it would keep the center of Tnuva's operations in Israel and that most of the Board and the CEO would continue to be Israelis.

Published by Globes [online], Israel business news - www.globes-online.com - on July 31, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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