In connection with the termination of the term of the co-CEOs of the subsidiary Afcon Renewable Energy (AM), the subsidiary, the company is honored to update that on January 6 ,22, the co-CEOs approached the company with an offer to purchase its holdings in the subsidiary at a company value of approx. NIS 190 million, through the BMBY (Buy Me Buy You) mechanism set forth in the agreement between the parties. The company is examining their application and the options available to it.
The Company is pleased to announce that on January 5, 2222, Afcon Renewable Energy (A.M.), which is held by the Company by approximately 85.5%, announced to the Company that H.E. Yair Harel and Eran Litvak had ceased to serve as co-CEOs of the subsidiary at that time.
The subsidiary and its employees continue their activities on an ongoing and continuous basis, and continue to promote the company and its activities as required, with the assistance required by the company, and in the manner Mr. Tal Raz, who serves as the Company’s Chief Financial Officer and Renewable Energy Which has been an active partner in the management and activity of the subsidiary since the acquisition of its holdings by the company, will continue to lead the activities of the subsidiary, until the discovery and absorption of a new CEO in the subsidiary