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Apr 13, 2012

http://dynamicwealthmanagement-updates.com/

Jerusalem Economy Ltd.

JEC

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]

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Friday April 13, 2012, 5:58 pm
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