Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) chairman Lev Leviev is continuing the sell-off of assets. Subsidiary Africa-Israel Properties Ltd. (TASE: AFPR) has sold its 40% stake in a Philippine subsidiary, Cyberzone Properties Inc, to its partner, Filinvest Land Inc. (Manila: FLI) for NIS 63.5 million (780 million Philippine pesos).
Cyberzone is held through Africa-Israel Properties (Philippines) Inc. The company is developing the Northgate Cyberzone IT park in the Manila suburb of Alabang, Muntinlupa City.
In a notice to the Philippine Stock Exchange, Filinvest Land said that it also acquired Africa-Israel's 40% stake in a second joint venture, Filinvest Africa-Israel Properties Inc. It said that the price for the two companies was 1.16 billion Philippine pesos. It added that it paid an 8.8% premium on Cyberzone's book value as of the end of September.
Africa-Israel Properties said that will report a net cash flow of NIS 47 million on the sale of Cyberzone, but does not expect to report any significant capital gain.
Africa-Israel CEO Izzy Cohen said that the sales of Cyberzone was part of the company strategy to refocus on its core businesses in Russia, Eastern Europe, the US, and Israel.
Africa-Israel Investments' share rose 4.1% by early afternoon to NIS 47.90, but Africa-Israel Properties' share fell 1.4% to NIS 58.10.
Published by Globes [online], Israel business news - www.globes-online.com - on December 28, 2009
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