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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.


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Posted: Apr 13, 2012 5:53pm
Apr 13, 2012

OTTAWA – An Ottawa-based advocacy group specializing in international development and foreign policy is urging Finance Minister Jim Flaherty and the federal government to put forward a nominee for World Bank president, with the deadline looming at the end of Friday.

“Now is your opportunity and Canada’s chance to take a lead role in setting a new tone in selecting the leadership of key global institutions,” said the McLeod Group in a recent letter to Flaherty.

The race to lead the World Bank was set in motion after president Robert Zoellick announced on Feb. 15 he was stepping down at the end of his term on June 30.

The bank hasn’t seen a non-American president since its founding in 1944. Traditionally, a consensus between Europe and the U.S. assured a European leader at the International Monetary Fund and an American leader at the World Bank. But outrage from developing and emerging nations among the organization’s 187 member countries has opened up selection process, creating the possibility that streak will soon end.

Now, the World Bank Development Committee says it endorses an “open, merit-based and transparent process.”

“This is the first time that there’s actually been quite a serious and lively international discussion about the possibility, the usefulness, the appropriateness of this,” said Hunter McGill, a Canadian international development policy consultant and member of the McLeod group.

He is also a senior fellow at the School of International Development and Global Studies at the University of Ottawa.

The McLeod Group calls itself an organization of &ldquorofessionals with many years of experience in government, civil society and academia, working across the fields of international development, diplomacy and foreign policy” that argues for Canada to take a more prominent role in global affairs.

Considering the deadline is Friday, McGill says he would be very surprised if Canada put somebody up for candidacy. The White House has not yet announced a nominee.

Colombian finance minister and central bank chief, Jose Antonio Ocampo, announced his candidacy Wednesday.

Ocampo, currently a Columbia University professor, also said that Nigerian Finance Minister Ngozi Okonjo-Iweala was a candidate.

But a spokesman for Okonjo-Iweala said that the former top-level World Bank official “is not seeking it.”


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Posted: Apr 13, 2012 5:38pm


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