AIRPORT CITY, Israel, February 22, 2018 /PRNewswire/ --
Shikun & Binui Ltd. (TASE: SKBN.TA) has announced that a motion to approve a class action against the Company, certain former and current management members and members of its Board of Directors, and its controlling shareholder, was filed to the Tel Aviv District Court ("the Motion") today, February 22, 2018.
The applicant's main claim is that the Company allegedly violated the provisions of Israeli Securities Law, 5728-1968, including the disclosure obligations and the prohibition of including misleading details in its periodic, quarterly, immediate and prospectus reports regarding offenses of integrity in the activity of a foreign indirect subsidiary company in Africa, whose operations are significant to the Company, and risks created for the Company thereof, amongst others, based on the investigation by the Israel Police which was reported by the Company on February 20, 2018 and on February 21, 2018.
The damage amount of the class action is assessed at NIS 92 million.
The Company is currently reviewing the Motion and intends to submit its response to the Court and to oppose the Motion.
About the Shikun & Binui Group
The Shikun & Binui Group is a global construction and infrastructure company that operates in Israel and internationally in seven segments: 1) infrastructure and construction contracting outside of Israel; 2) infrastructure and construction contracting within Israel; 3) real estate development within Israel; 4) real estate development outside of Israel; 5) renewable energy; and 6) concessions. The Group's activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.
This summary announcement was prepared solely for the convenience of the reader and does not replace Shikun & Binui Ltd.'s (hereafter - "the Company") full report. The information contained in this announcement is, by its nature, incomplete. All of its contents are provided as a supplement to the Company's report, and are subject to the declarations therein stated. This announcement includes forecasts, assessments, estimates and other information relating to the Company or its subsidiaries, or to other parties or to future events and matters, the extent of whose realization is not certain and is not under the sole control of the Company (forward-looking information, as defined in the Securities Law-1968). The key facts and data serving as the basis for this information are facts and data, among others, related to the current status of the Company and its businesses, facts and data relating to the current status of the operating segments in which the Company engages in its areas of operation, and other macroeconomic facts and data known to the Company on the preparation date of this presentation.
It is understood that forward-looking information does not constitute a fact and is based solely on subjective assessments. Forward-looking information is uncertain and for the most part, is not under the Company's control. The realization or non-realization of the forward-looking information will be influenced, among others, by the risk factors that characterize the Company's operations, as well as developments in the general environment and external factors that impact the Company's operations. The Company's future results and achievements could differ significantly from those presented in this presentation. The Company is not obligated to update or modify the said forecast or assessment, and is not obligated to update this announcement. This announcement does not constitute an offer to purchase the Company's securities or an invitation to receive such offers. An investment in securities in general, and in the Company in particular, carries risk. One must take
SOURCE Shikun & Binui Ltd.