ELBIT IMAGING ANNOUNCES UPDATE REGARDING THE AGREEMENT TO SELL ITS HOLDINGS IN THE PROJECT IN BANGALORE, INDIA
May 13 2019 - 2:07PM
Elbit Imaging Ltd. (TASE, NASDAQ: EMITF)
("
Elbit" or the "
Company")
announced today, further to its press release dated April 10, 2019,
regarding understandings with the purchaser of the 100% interest in
a Special Purpose Vehicle (the "
Purchaser"), held
by Elbit Plaza India Real Estate Holdings Limited (a subsidiary
held by the Company (50%) and Elbit Imaging Ltd. (50%))
("
EPI")) ,which holds a site in Bangalore, India
(the "
Plot"), that the Purchaser defaults on
payment of INR 10 crores (approximately EUR 1.27 million) on
account of the consideration for the Plot.
EPI has initiated legal process to protect its
interest while it continues to negotiate with the Purchaser for
payment of the amount due.
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.; and (ii)
land in India which is designated for sale (and which was initially
designated for residential projects).
For Further
Information:Company ContactRon
HadassiCEO and Chairman of the Board of DirectorsTel:
+972-3-608-6048Fax: +972-3-608-6050ron@elbitimaging.com