Israel's Azrieli Group has completed the sale of paint manufacturer Tambor to Singapore's Kusto for a sum of NIS 500 million, it was announced Monday.

Hacarmel Granite, who carried out the sale under Azrieli, will earn NIS 60 million on the deal.

Kusto has already paid an advance of NIS 70 million to Hacarmel Granite to secure the deal.

Kusto is a construction company based in Singapore which employs more than 10,000 employees and records some $1.4 billion dollars in annual sales.

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