Business in Brief

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Two 30-story towers approved for Ramat Gan

Four low-rise buildings near Ramat Gan’s Elite junction will make way for two 30-story residential towers containing a total of 285 units, under a plan approved yesterday by the Tel Aviv district planning committee. The Papouchado family’s Red Sea group was awarded the project after winning the tender. “The plan is an important accomplishment for urban renewal in Israel,” said attorney Yariv Bar-Dayan of the Urban Renewal HF Development Corporation, which submitted the plan on behalf of the compound’s residents. “The district committee managed to weigh and balance economic, developmental, environmental and social considerations and validate a plan which provides a solution for 89 families living in unreasonable circumstances in Israel in 2013.” ‏(Nimrod Bousso‏)

Discount Investment to sell NIS 200m in bonds

Discount Investment Corporation plans to raise an immediate NIS 200 million in a public bond offering, saying it sought to strengthen its liquidity. Discount, one of Israel’s largest holding companies, said yesterday the offering would be through widening a current series of 6.6 year bonds. Should options be exercised, the amount raised could total NIS 660 million by December, it said. Discount, a subsidiary of financially troubled IDB Holding Corp, controls Cellcom, Israel’s largest mobile phone operator, Property & Building and a key stake in Super-Sol, Israel’s largest supermarket chain. ‏(Reuters‏)

Samsung, Boxee confirm acquistion

Samsung Electronics and Boxee both confirmed later on Wednesday a report by TheMarker that the Korean company was buying the Israeli TV digital recording device startup. Terms of the deal were not disclosed, but sources said Samsung was paying less than the $30 million that had been invested in Boxee, whose technology enables users to store content in the cloud and watch recordings anywhere without space constraints. “We’re pleased to announce that the Boxee team will be joining Samsung,” the company announced on its website. “Joining Samsung means we will be able to work on products that marry the best hardware and software in the TV space.” ‏(TheMarker Staff‏)

Israel Discount Bank.Credit: Ofer Vaknin