The Ticker: Jewish-American Investor Interested in Africa Israel Subsidiary Danya Cebus

TASE closes slightly higher on pharma gain

U.S. investor interested in Danya Cebus

Jewish-American investor Livingston Kosberg is interested in buying Africa Israel subsidiary Danya Cebus for 600 million shekels ($170 million), according to a document submitted to the trustee for Africa Israel’s bondholders. This comes amid the bondholders’ talks with businessman Naty Saidoff, who is seeking to buy Africa Israel himself. This is an unusual offer for the bondholders; to date, most of the offers they received were to buy Africa Israel Residences, 74% of whose shares are held by Danya Cebus. Africa Residences is being traded on the Tel Aviv Stock Exchange at a market cap of 876 million shekels. Danya Cebus, the construction subsidiary of Africa Israel, took out a loan to buy that company’s shares a few years ago, and therefore has bank debt. Once that debt is taken into account, Africa Residences is worth some 350 million shekels to the bondholders, while Danya Cebus is being valued at 200 million shekels. Parent company Africa Israel is facing financial difficulties and is urgently trying to renegotiate its debt. As of the second quarter, it had capital attributed to shareholders of 458 million shekels and a debt of 2.24 billion shekels. (Shelly Appelberg) 

TASE closes slightly higher on pharma gains

The Tel Aviv Stock Exchange finished Wednesday’s trading session with mild gains, pulled upward by pharmaceutical companies. The blue-chip TA-35 index gained 0.3% to close at 1,443 points, while the broader TA-125 index rose 0.2% to close at 1,317 points. Bank shares lost 0.7% and insurance shares gained 0.3%. Oil and gas shares lost 2.1%. Turnover totaled 1 billion shekels. Notable shares included Teva Pharmaceuticals, up 2.1% ahead of the publication of its financial reports on Thursday; Mylan, up 4% after sharp losses this week; and Perrigo, up 2.9%. Nova fell 8.5% after issuing its financial reports. (Omri Zerachovitz)