Shikun & Binui Ltd. (TASE: SKBN.TA) has signed an agreement with Israeli institutional investors from Harel, Clal Insurance and The Phoenix Groups for the sale of about 13% of its wholly owned subsidiary, Shikun & Binui Real Estate for NIS 290m. This deal reflects a post money valuation of NIS 2.25bn for Shikun & Binui Real Estate. This deal will result in adding NIS 130m to the company's reported net profit.
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About Shikun & Binui
Shikun & Binui, a member of the Arison Group, is the leading infrastructure and real estate company in Israel. The Group's subsidiaries have been operating since 1924. The Group's companies have gained extensive experience in complex construction and infrastructure projects in Israel and abroad.
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