Company Cooling Holdings Makes further attempt to purchase shares of the Yafora Immediate Liquor Company Clal Industries and Beverages Of Len Belvatnik. Refrigerated, controlled Shlomo Rodev andRoni Gat, Which holds 69.55% of Yafora shares, submitted an offer to purchase Yafora shares that it does not own (30.45%), for an amount of NIS 450 million.
The offer reflects a value of about NIS 1.48 billion for Lipora, and according to Karur, it will be valid for ten days from the date of delivery for all drinks, ie until the end of Thursday, December 2. If the share transaction is completed, Karur will become the sole shareholder in Beaufort.
According to Karur, the consideration in the transaction will be dividend-adjusted, so that in the event that Yafora announces a dividend distribution before the transaction is completed, the amount of dividend you will receive will be deducted from the total consideration that Karor will pay as part of the transaction. In response to the announcement, the Clal Beverages share soared to a price that reflects a value of NIS 410 million for the company.
Yafora shows growth in results
At the same time, Clal Beverages published Yafora’s financial statements and results within them. The reports show that in the first nine months of 2021, Yafora recorded a 10% growth in revenues to NIS 764 million, compared to the corresponding period last year.
According to Clal Beverages, this growth was due to an increase in demand and the recovery of the economy from the corona crisis. Yafora’s operating profit grew in the first nine months of 2021 by 5% to NIS 131 million, while operating profit before depreciation and amortization (EBITDA) increased by 7% to NIS 177 million.
In the bottom line, in the first nine months of 2021, Yafora recorded a 17% growth in net profit to NIS 104 million, which was also positively affected by a gain on the increase in value of tradable securities it owns, in the amount of NIS 7 million. For comparison, in the first nine months of 2020, the company recorded a loss due to a decrease in the value of marketable securities in the amount of NIS 8.5 million, which affected its results.
Submitted in 2018 an offer to purchase from all industries
Kror controls, as stated, the soft drink company Yafora, and also holds 37.7% of the shares of Tapogan Industries. In April 2018, Karor submitted an offer to purchase the remaining shares of Yafora, which were then held by Clal Industries, for NIS 375 million and at a value of NIS 1.2 billion for Lippora.
Clal Industries then rejected the proposal and led a move to issue it on the Bipora minority holding exchange. As part of the same move, Clal Industries transferred its entire holding in Bifora to a wholly owned subsidiary called Clal Industries and Beverages, and later sold some of the shares in Clal Industries and Beverages to investors on the stock exchange.
The issue and sale of the shares were then carried out by way of a sale offer, in which Clal Industries sold about 46% of the shares of Clal Industries and Beverages for about NIS 230 million, and at a company value of about NIS 500 million. The share price in the sale offer was NIS 50.15, and since then Clal has distributed dividend drinks in the cumulative amount of NIS 8.88 per share (NIS 88.8 million), so that in total the issue did not yield a significant return for investors.
Clal Industries, Which remained after the IPO with 54% of Clal Beverages ‘shares, has since continued to sell shares in its holding, and currently holds only 13.9% of Clal Beverages’ shares.