David Azrieli could be about to sell Granite Hacarmel Investments Ltd. (TASE: GRNT). Market sources believe that Azrieli Group Ltd. (TASE: AZRG), controlled by David Azrieli, has received a number of enquiries about the possible sale of the subsidiary, which have yet to firm up into negotiations.
The main obstacle to any deal is that Azrieli is demanding a significant premium on the market price of the company that he acquired for NIS 740 million from the Borovich family in 2006.
Granite Hacarmel includes fuel company Sonol Israel Ltd, Supergas Ltd., paints manufacturer Tambour Ltd. (TASE:TMBU), and desalination plant builder and operator Global Environmental Solutions Ltd. (GES).
In the first half of 2011, Granite Hacarmel, which is managed by CEO Yosef Singer, reported net profit of NIS 41 million, 55% up from the corresponding half of 2010.
An Azrieli Group spokesman confirmed that, "The company has received a number of enquiries."
Published by Globes, Israel business news - www.globes-online.com - on October 5, 2011
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