Home Center (DIY) Ltd. controlling shareholder Fishman Holdings has decided to increase the company’s private bond placement from NIS 175 million to NIS 250 million. As “Globes” first reported, Home Centers plans to later make the bonds convertible.
Fishman Holdings chairman Eliezer Fishman said that, beginning in December, Home Center would become a subsidiary of Home Center International, which is registered in the Netherlands and functions as a holding company. He added that Home Center International would be floated on either Nasdaq or the London Stock Exchange within two and a half to three years.
Last week, Home Center dedicated its first store in Yaroslavl, Russia, at a mall owned by another Fishman Holdings subsidiary, Mirland Development Corporation plc (AIM:MLD). The company’s logo in Russia has dispensed with its red color, replacing it with orange, the dominant color used by international DIY retailers. A second store will opened in Volgograd later this year.
Home Center will have 12 stores in Russia by the end of 2009, in which the company will have invested $65 million. The chain will have 22 stores by 2012.
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes.co.il - on April 30, 2007
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