Yitzhak Toledano buys Trans Terra Investments for his Israeli real estate activity.
Miami developer Yitzhak Toledano has acquired 65% of stock market shell Trans Terra Investments Ltd. (TASE:TRTI) (formerly Transclal) from CEO Mordechai Friedman, who owns 86.7% of the company. The price will be determined on the basis of the company's shareholders' equity at the end of the third quarter, plus a NIS 10 million control premium.
Toledano has a two-year option to acquire an additional 22% of Trans Terra. The sale is due to be closed after the company sells land and properties worth an estimated NIS 17.2 million and its shares in two subsidiaries: Nur Yam Shipping Agency Ltd. and ACI Agency Ltd. Proceeds from these sales will be determined by an assessor agreed by both parties and will probably be in cash.
Toledano owns Sky Development Inc., a developer of high-end income-producing and residential properties in Florida. He intends to use Trans Terra for real estate activity in Israel and overseas.
Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2008
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