AIRPORT CITY, Israel, March 12, 2019 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, announced that further to the immediate reports published by Shikun & Binui ("the Company") on January 28, February 3 and March 6, 2019, regarding the signing of four agreements and an option agreement for the sale of the shares of ADO Group Ltd. ("ADO"), the Company hereby reports as follows:
1. On March 11, 2019, the four transactions for the sale of the shares of ADO that are the subject of the previous reports, were completed by the Company, in such a way that in total the Company sold 8,253,600 shares of ADO (shares constituting 30% of the issued and paid up share capital of ADO) for a total consideration of NIS 720 million.
2. Following the closing of the aforementioned transactions, the Company is expected to record pre-tax profit in the first quarter of 2019 in the amount of NIS 480 million.
3. After the completion of the transaction, the Company holds about 7.5% of the shares of ADO. These shares are subject to the option agreement in favor of "Dune" as stated in the previous reports. It should be noted that in calculating the amounts of consideration and profit mentioned above, amounts that will be received if the said option is exercised have not been taken into account.
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 into account that past data do not necessarily indicate future performance.
SOURCE Shikun & Binui Ltd.