Stroyinkom-K handles the company’s Russian real estate activity, reportedly worth $1.5 billion.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) today notified the Tel Aviv Stock Exchange (TASE) that it has filed a prospectus to float its subsidiary Stroyinkom-K, which handles the company’s Russian real estate activity, on the London Stock Exchange. Africa-Israel owns 88% of Stroyinkom-K. The terms and date of the planned IPO were not disclosed.
Africa-Israel chairman Lev Leviev is wasting no time to refocus his interests after unexpectedly withdrawing from the Oil Refineries Ltd. (TASE:ORL) IPO last week. He is also expected shortly to announce the flotation of part of his Russian diamond activity on a Russian stock exchange. Leviev's diamond business in Russia is estimated at hundreds of millions of dollars.
Last September, UBS estimated the value of projects in Russia affiliated with Africa-Israel at $2.1 billion. Africa-Israel’s share of these projects was estimated at $1.5 billion.
Published by Globes [online], Israel business news - www.globes.co.il - on February 25, 2007
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