Telcar strengthens its holdings in the company Vitania – purchased from Phoenix another 3.87% of the company for about NIS 56 million | Telcar purchased an additional 1.8 million shares of Vitania from the Phoenix Company, one of the company’s partners | The purchase brings Telcar to hold 20.9% of the shares of Withania – after last April it purchased all the shares of Flying Cargo in the company
Shay Klein 05.01.2023
Telcar, owned by the Onger family, reported yesterday evening to the stock exchange about the purchase of 1.8 million additional shares of Withania from the Phoenix Company, one of the partners in the real estate company. The purchase brings Telcar to own 20.9% of Withania’s shares.
As you may recall, last April it was announced that the Telecar company had purchased all of the holdings of the Flying Cargo company in Withania – the old profitable real estate company that initiates and establishes projects for employment and commerce. At that time, it was a transaction of 17.04% of Withania’s shares in the amount of approximately NIS 264 million.
Now, as mentioned, Telecar – the car importer (Kia) under the control of the Onger family, is deepening its holdings and purchasing another 3.87% of the shares from another partner in Vietnam – the Phoenix company, in the amount of approximately NIS 56 million.
The transaction was carried out at a price of NIS 30.5 per share, which is about 6% above the closing price last night.
Ofer Ziv, CEO of Withania, stated following the report: “The transaction reflects an expression of confidence by the partners in the company’s performance in recent times, its various investments and the projects carried out by it that are expected to strengthen and increase its power in the market, as well as in a forward-looking forecast regarding the real estate industry in general , as a solid and strong industry, in the face of the current storm in the global markets following the rise in interest rates and inflation.”
Vitania is an entrepreneurial company, traded on the stock exchange today at a value of NIS 1.388 billion. The company that combines entrepreneurship and holding high-level buildings in high-demand areas, which are rented to quality tenants. The company was founded in 1995 by four partners – the SGS company, the Proper family (Esem), the Gitam advertising agency and the Hamma family and was issued on the Tel Aviv Stock Exchange in 2015 and today about 20% of its shares are held by the public.
The company initiated and built office, commercial and residential buildings to this day. The company owns profitable properties located in high demand areas in Tel Aviv, Herzliya Pituach and Or Yehuda and another 400,000 square meters are in various planning, development, construction and marketing procedures. Among the most prominent projects of the company today are Withania Tel Aviv on La Guardia St., Withania – Karso in Petah Tikva Parktech and the Withania project in Mount Hotzavim in Jerusalem.