Bronfman Fisher Investments Ltd. will acquire 74-80 percent of Comtrans Engineering & Transportation Ltd. for an estimated NIS 26m. The final price will depend on Comtrans' cash reserves at the closing and the number of shares to be purchased, plus a control premium.
In a related move, the audit committee of Comtrans' board approved the sale of the company's quarrying business to the current controlling shareholders, rendering the company into a stock market shell. When the sale of Comtrans is completed, Bronfman Fisher plan to use the shell corporation as a platform for industrial and marketing activity for the manufacture of candles, wet wipes, aluminum products and disposable cutlery.
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