The underwriter Erez Goldschmidt and the IPO consultants Rafi Lipa and Gal Amit, together with another partner, acquire control of the real estate company B. Yair . Today, B. Yair reported that the current controlling shareholders, Yosef Bitton, Yair Bitton and Yoram Bitton, have signed an agreement to sell 81.56% of the company’s shares to the group of buyers in exchange for a total amount of NIS 51 million.
The transaction reflects a value of NIS 62.5 million for B. Yair, which is 17% higher than the company’s value on the stock exchange before the transaction is announced. It should be noted that earlier this month, B. Yair distributed a dividend of NIS 35.5 million to its shareholders, which reduced the company’s value accordingly. The stock is soaring close to 30% at this time in Tel Aviv.
As part of the transaction, JRI, owned by Goldschmidt, Lipa and Amit, will acquire 66.88% of the shares in B. Yair, while J.Snir A residence owned by Nir Yehezkel will purchase another 14.68% of the shares. The transaction further stipulates that the sellers will be paid an additional consideration in the total amount of NIS 1.2 million, in the event that the company makes a distribution after the date of completion of the transaction.
It was also agreed that Nir Yehezkeli will serve as the company’s CEO, in accordance with the terms of the deal to be agreed with him. As part of the agreement, Yair Bitton also undertook Will exceed a total of NIS 1.5 million.
In August this year, the Tel Aviv District Court acquitted Yair Bitton Of all the charges filed against him in the money laundering case against criminal Yitzhak Abergil. Earlier, the Tel Aviv District Court acquitted the company of the indictment filed against it, in light of the State of Israel’s return of the indictment.
Yair Bitton / Photo: Tamar Mitzpi
“Focus on promoting planning processes in Budapest”
B. Yair is engaged in the fields of construction in Israel and Eastern Europe. As of the end of June this year, the company had no projects under construction. “In the Company’s Board of Directors’ assessment, the Company will not engage in new projects in the Company’s areas of activity, and will focus on advancing real estate planning processes in District 10 of Budapest,” the company’s reports for the first half of 2021 state.
In the first half of 2021, the company completed the sale of income-producing commercial areas amounting to 648 square meters for NIS 13.9 million, and entered into an agreement for the sale of additional areas of approximately 303 square meters for NIS 7.1 million. In addition, the company holds 90% of the shares of Savyon Entrepreneurship, which is involved in initiating residential construction evacuation projects.
The main current activity of the company abroad is focused on Budapest, the capital of Hungary. In April this year, the company received a building permit for the first lot in the District 10 project in Budapest, where it will be possible to build 247 housing units of 13.87 thousand square meters (net), 2 commercial units of 430 m. (Net), parking lots, balconies, service areas and so on.
As of the end of June 2021, B. Yair’s equity amounted to NIS 114 million, and since then the company has distributed a dividend of NIS 35 million. The company ended the first half of 2021 with a loss of NIS 1.95 million, following a loss of NIS 3.5 million recorded in 2020 as a whole.