Sources inform ''Globes'' that the Hanan Mor Group plans to go public on the Tel Aviv Stock Exchange (TASE) in early 2007 at a company value of NIS 250 million. The company held an offering of bonds and warrants six months ago.
The Hanan Mor Group is active in the domestic market, building 470 apartments in 14 residential projects over the past five years for an aggregate value of NIS 500 million. The company is currently building projects worth NIS 250 million, which are due to be completed over the next four years. The company apparently plans to expand its land reserves in order to reach a projects backlog of NIS 700 million ahead of the planned IPO.
The company is considering entering the Eastern European market, building residential projects in Poland and Hungary with local partners.
The company posted a net profit of NIS 4.5 million on NIS 34 million revenue in 2005.
Last week, the Hanan Mor Group signed an MOU to buy Netanel Group’s rights in a residential project in Talme Menashe for NIS 36.6 million. Shikun Ovdim Ltd. owns the other half of the 240-unit project. The company also bought a 12-dunam (three-acre) lot, zoned for 518 apartments, at the Elite Junction in Ramat Gan for NIS 75 million.
Published by Globes [online], Israel business news - www.globes.co.il - on December 24, 2006
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