ELBIT IMAGING ANNOUNCES UPDATE REGARDING THE AGREEMENT TO SELL ITS HOLDINGS IN THE PROJECT IN BANGALORE, INDIA
December 13 2018 - 7:22AM
Elbit Imaging Ltd. (“EI” or the “Company”) (TASE, NASDAQ:
EMITF) announced today, further to its press release dated
March 22, 2018, regarding an agreement (the
"
Agreement") signed by Elbit Plaza India Real
Estate Holdings Limited (a subsidiary held by the Company (50%) and
Plaza Centers N.V. (50%)) ("
EPI"), for the
sale of a 100% interest in a Special Purpose Vehicle which holds a
site in Bangalore, India, to a local investor (the
"
Purchaser") in consideration for approximately
€43 million (the "
Consideration"); that EPI and
the Purchaser have agreed that out of the amount that was supposed
to be paid by the Purchaser during the second half of 2018,
approximately €1.2 million will be paid to EPI in installments not
later than the end of January 2019 and that the Purchaser deposited
checks with EPI to secure such payment.
The remainder of the consideration
(approximately €33 million) will be paid by the Purchaser in
unequal monthly installments until August 31, 2019 as determined in
the Agreement.
As of the date hereof the Purchaser paid to EPI
approximately €9 million on account of the Consideration.
The information detailed above, concerning the
future consideration under the transaction to sell the site in
Bangalore, India, is a forward-looking statement. Actual results
may differ materially from those projected, expressed or implied in
the forward-looking statement as a result of various factors
including, without limitation, a change in market conditions,
disputes with the purchaser, and the factors set forth in our
filings with the Securities and Exchange Commission including,
without limitation, Item 3.D of our annual report on Form 20-F for
the fiscal year ended December 31, 2017, under the caption “Risk
Factors”. Any forward-looking statements contained in our releases
speak only as of the date of such release, and we caution existing
and prospective investors not to place undue reliance on such
statements. Such forward-looking statements do not purport to be
predictions of future events or circumstances, and therefore, there
can be no assurance that any forward-looking statement contained in
our releases will prove to be accurate. We undertake no obligation
to update or revise any forward-looking statements.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following
principal fields of business: (i) medical industries through our
indirect holdings in Insightec Ltd. and Gamida Cell Ltd.; (ii) land
in India which is designated for sale (and which was initially
designated for residential projects); and (iii) land in Eastern
Europe which is designated for sale (and which was initially
designated for development of commercial centers).
For Further
Information:Company ContactRon
HadassiCEO and Chairman of the Board of DirectorsTel:
+972-3-608-6048Fax: +972-3-608-6050ron@elbitimaging.com
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