Business in Brief

An actual Tambour shop selling actual Tambour paints. Courtesy of Tambour

Azrieli selling Tambour to Singapore group

The Azrieli Group is selling full control of paint company Tambour to a Singapore-based private holding company for 500 million shekels ($144 million), according to an agreement hashed out over the past few days. The Kusto Group has agreed to buy the company as is, without conducting thorough due diligence. The Apax Group, which recently signed a deal to sell its controlling share in the Tnuva food company to Chinese firm Bright Food, had been seeking to buy Tambour, which it hoped would be the first significant deal for a new $300 million fund it is setting up in Israel. But Apax had been offering around 100 million shekels less than the Singaporean buyers. Azrieli, which controls Tambour through Granite Hacarmel Investments, took Tambour private in 2012, and is likely to take a net profit of 70 million shekels from the sale. (Michael Rochvarger)

Africa Israel swings to profit in Q1

Real estate developer Africa Israel Investments moved to a profit in the first quarter of 2014, due to improved results in all of its activities. The company said yesterday it had a net profit of 7 million shekels ($2 million) in the quarter, compared with a 73 million shekel loss a year earlier. Revenue rose to 1.83 billion shekels from 1.64 billion, mainly due to real estate transactions and the increase in the fair value of properties for investment. The company, controlled by billionaire diamond dealer Lev Leviev, said income from rent and operation of properties rose 9% to 140 million shekels, mainly due to improved results at its mall in Russia and the opening of a mall in Romania. “We see significant progress in all the projects we are involved in while entering new fields of activity that will serve as additional growth engines in the coming years, similar to our activities in the housing rental sector,” he said. (Reuters)

TASE trends up in slow trading day

Trade on the Tel Aviv Stock Exchange was stable with a positive bias yesterday. Indexes dropped when the Bank of Israel published its interest rate decision at 4 P.M., announcing that interest rates would remain unchanged for another month, but recovered to their pre-announcement level before the closing bell. The blue-chip TA-25 index gained 0.25% to close at 1,405 points, while the broader TA-100 index gained 0.23% to close at 1,268 points. Bank shares gained 0.35%, while real estate shares closed virtually unchanged. The index of communication shares gained 1%. Turnover was a relatively low 645 million shekels, as many foreign traders were off for the U.S. Memorial Day holiday. Notable shares included Africa Israel Investments, which revealed net profit of 7 million shekels for the first quarter, versus a net loss of 73 million shekels in the parallel quarter of 2013. Its share fell 1%. The Israeli partners in the Tamar offshore gas field, Delek Drilling, Avner Oil Exploration and the Delek Group, also showed impressive results, with quarterly net profit of $36.5 million for the partnership. Delek Drilling and Avner both lost 0.3% yesterday, while the Delek Group gained 0.4%. (Shelly Appelberg)