AIRPORT CITY, Israel, June 20, 2016 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN), a global construction and infrastructure company headquartered in Israel, today published the following immediate report in Hebrew on the Tel Aviv Stock Exchange.
Following the Immediate Report filed by Shikun & Binui on June 16, 2016 (reference #2016-01-051990), SBI Infrastructure Ltd., a Shikun & Binui subsidiary operating in Nigeria, today (June 20, 2016) received a payment of 17 billion naira (including VAT), which is equivalent to approximately USD 65 million (based on an exchange rate of 260 naira per USD, which was the naira/USD exchange rate which prevailed at the time closest to the filing of this report).
This sum includes advances paid on certain upcoming projects and mainly - payments on account of outstanding debt, which represent the majority of the outstanding debt currently owed to the Company for its activities in Nigeria.
As stated in previous reports, the Company continually adjusts the advancement of its projects to the rate of progress at which it collects outstanding monies owed by its customers.
It should be emphasized that with receipt of this payment, the Company will now renew activities on its various projects in Nigeria.
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; 6) concessions; and 7) water. 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 into account that past data do not necessarily indicate future performance.
GK Investor Relations
SOURCE Shikun & Binui Ltd.