Adama to build Ukraine, Moldova projects

The company has sold 5% of its shares to an international investment house.

Adama Holding Ltd. (TASE:ADMA.B1) has signed agreements to buy and develop land in Ukraine and Moldova for a total investment of more than NIS 500 million.

Adama will buy 50.01% of a Cypriot company that owns rights to three lots in Odessa, Ukraine, for NIS 28 million. Adama will build a 50,000-sq.m. luxury housing, commercial and office project on the site for a total investment of $50 million (NIS 280 million).

Adama, through its Dutch subsidiary, Merav Finance BV, also bought a Moldovan company that owns three lots in Kishinev on which it will build a 39,000-sq.m. residential and commercial project for a total investment of €50 million (NIS 270 million), including NIS 29 million for the land.

In a separate development, Adama has sold 5% of the company to an international investment house for €16 million (NIS 87 million), giving a company value of €310 million, before money, and €326 million (NIS 1.77 billion), after money. Closing the deal is subject to due diligence. Two months ago, Austria’s Immoeast Projeckt Hylas Holding GmbH acquired 25% of Adama at a company value of NIS 1.28 billion, after money.

Published by Globes [online], Israel business news - www.globes.co.il - on June 3, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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