TEL AVIV May 27 Real estate developer Azrieli
Group agreed to sell Israeli paint company Tambour Ltd to
Singapore-based holding company Kusto Group for 500 million
shekels ($144 million).
The buyer made a payment of 70 million shekels upon the
signing of the deal, Azrieli, which focuses on operating
shopping malls, said in a statement.
The company, which is controlled by Canadian businessman
David Azrieli, said it expects to post an after-tax gain of 50
million shekels from the sale.
Azrieli said the sale of Tambour is in line with the
company's strategy of focusing on its core activities of
income-producing real estate and selling non-related businesses.
Israeli media reported in March that private equity firm
Apax Partners was in talks to buy Tambour, which
Azrieli controls through its subsidiary Granite HaCarmel, for
300 million shekels.
Apax last week struck a deal to sell its 56 percent stake in
Tnuva, Israel's largest food company, to China's Bright Food
($1 = 3.4782 Israeli Shekels)
(Reporting by Tova Cohen)