START A PETITION 25,136,189 members: the world's largest community for good
Apr 13, 2012

Jerusalem Economy Ltd.


March 5, 2012

The Securities Authority Tel Aviv Stock Exchange Ltd.

22 Kanfei Nesharim Street 54 Ahad Ha’am Street

Jerusalem Tel Aviv

Dear Sir / Madam:

RE: Sale of Assets in Switzerland

The company respectfully announces that on March 5, 2012, a foreign subsidiary (hereinafter – the Subsidiary) under the full ownership of the company signed agreements with a third party that is unrelated to the company or to the controlling shareholders therein (hereinafter – the Purchaser). The agreements refer to the sale of the entire share capital of two companies held together with a partner, which own 19 properties in Switzerland, including therein 568 apartments and a commercial center with an area of 8,120 square meters (hereinafter – the Asset Companies).

In return for the shares and loans from shareholder of the Asset Companies, the Purchaser undertakes to pay the Subsidiary the amount of 36.7 million Swiss francs (NIS 153.1 million) (hereinafter – the Proceeds).

A deposit on account of the Proceeds in the amount of 10 million Swiss francs (NIS 41.7 million) shall be paid within two business days of the date of signature of the agreement and shall not be refundable to the Purchaser. The balance of the Proceeds in the amount of 26.7 million Swiss francs (NIS 111.4 million) shall be paid to the Subsidiary within 90 days of the date of signature of the transaction.

The company estimates that the transactions for the sale of the Asset Companies shall be completed during the second quarter, and the completion thereof shall not be subject to any essential conditions whatsoever.

The available flow to the company that is derived from the sale is anticipated to amount to 33 million Swiss francs (NIS 137.7 million).

As a result of the sale, the company is anticipated to record a loss in the amount of NIS 33.6 million in the financial statements thereof for December 31, 2011, prior to the costs of the transaction and tax expenses. Following the completion of the transaction, real estate assets for investment are anticipated to be diminished in the consolidated balance sheet of the company in the amount of NIS 558.5 million and undertakings to banking corporations in the amount of NIS 371.6 million.

Yours truly,

Jerusalem Economy Ltd.


Visibility: Everyone
Posted: Friday April 13, 2012, 5:53 pm
Tags: sale switzerland in of jerusalem economy : wealth dynamic management assets zurich Ltd headlines: [add/edit tags]

Group Discussions
Or, log in with your
Facebook account:

Abelard W. (0)
Friday April 13, 2012, 5:58 pm
Do you have any suggestions on how to get listed in Yahoo News?


Abelard W.
male, age 36,
Virginia Bch, VA, USA
(0 comments  |  discussions )
\nTHE SHEARIN GROUP The Benefits of Living in an HOA Community\r\n \r\nEv ery day, people ask me if I have any available listings in the Manhattan Village gated community. It’s such a popular location because of the safety, the incredible parkett...
(1 comments  |  discussions )
\n\r\n\r\n“I prefer living in the UK more than anywhere else. I like the history, I like the culture, I like the under-dog attitude,” he explains. “The UK is a good place to get things done.”\r\n\r\n\r\nM r Yassaie’s eyes light up as...
(1 comments  |  discussions )
\nhttp://hypoventurecapit \r\ nFrench President Nicolas Sarkozy seems destined to be the next electoral casualty of the euro-zone sovereign-debt crisis. Sarkozy is deeply unpopular at home, but his expected defeat in this year’s...
(1 comments  |  discussions )
\n xpertise/Criminal+Fraud\r \nBark & Co is reknowned for its competency and experience in large-scale, complex fraud cases. The firm has been involved in many of the high profile prosecutions in recent years and in the course of...

No shares

Mar 31
Blog: How to Extend the Life of your TRIAD Boilers by Kayleigh L.
(0 comments  |  discussions ) — \\nHow to Extend the Life of your TRIAD Boilers \\r\\n \\r\\nCorlis Engine Review\\r\\nEvery user desires to prolong the life of a unit. TRIAD assists their clients in achieving this important objective by informing them of ways they can avoid problems... more
Feb 27
Blog: Dr Oz Weight Loss - The 100% Natural And Very Efficient Diet Pill by Debra S.
(0 comments  |  discussions ) — \\nYes, Dr. Oz called Garcinia Cambogia Extract (HCA) the Holy Grail of Weight Loss. He went on to say, “Anytime I see a scientist get this excited about something like Garcinia Cambogia Extract and when I looked through some of this research and... more
Blog: My Favorite Websites by krysta I.
(0 comments  |  discussions ) — \\nIFAW:\\r\\nOCEANA\\r\\nPETA:\\r\\nEARTH 911:\\r\\nANI MALs ASIA:\\r\\n \\r\\n\\r\\n\\n more
Feb 21
Blog: testing one two three by Geoff M.
(0 comments  |  discussions ) — hello world more
Blog: Garcinia Cambogia Reviews From Actual People Garcinia Pure Extract Is A Huge Success February 20 by Dany M.
(0 comments  |  0 discussions ) — \\nGarcinia Cambogia Reviews From Actual People Garcinia Pure Extract Is A Huge Success February 20\\r\\nGarcinia Cambogia System The Dr. Oz Lose Weight Quick Process Without Having Side Effects\\r\\nHe went on to say, “At any time I see a researcher... more
Content and comments expressed here are the opinions of Care2 users and not necessarily that of or its affiliates.