The Gift Asset Management CEO has an option to increase his stake by another 15%.
Gift Asset Management president and CEO Norbert Brinker has acquired 10% of plastics batch maker Kafrit Industries Ltd. (TASE:KAFR) from Kibbutz Kfar Azza Holdings Ltd. for NIS 10 million. The company is owned by Kibbutz Kfar Azza.
The acquisition contract comes into effect today. Brinker has an option to buy an additional 15% of Kafrit, which if exercised, will give a quarter of the company. Kibbutz Kfar Azza has the right to buy back the shares. The company did not disclose the terms of these clauses in its notice to the Tel Aviv Stock Exchange (TASE).
The contract also stipulates that Kibbutz Kfar Azza Holdings will amend its articles of association so that any party with a 9.5% stake in Kafrit will have the right to appoint a director to the company’s board.
Published by Globes [online], Israel business news - www.globes.co.il - on August 27, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007