Another subsidiary, AFI Europe, has completed the acquisition of a Krakow project.
AFI Development plc (LSE:AFID) today announced that its indirect parent company Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) will buy “up to 1% of its issued share capital through a series of on-market purchases of Global Depository Receipts (GDR).”
Africa-Israel owns 71.2% of AFI Development through Africa-Israel Properties Ltd. (TASE: AFPR). AFI Development has fallen 25% from $14 per share at its IPO to $11 yesterday.
In a separate development, another Africa-Israel Properties subsidiary, AFI Europe NV, has completed the purchase of rights to the Osiedle Europejskie project in Krakow, Poland, from BSR Europe Ltd. (TASE:BSR) for €29.1 million (NIS 162.4 million), as well as an additional €6.1 million (NIS 34.1 million) plus Eurobond interest +1.5%
Published by Globes [online], Israel business news - www.globes.co.il - on June 12, 2007
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