Delek real estate bonds, shares advance on Ramla mall sale

Delek’s bonds due 2019 increased 0.6 agorot to 75.8 agorot.

April 22, 2010 11:50
1 minute read.
malha mall 88 298

mall 248 88. (photo credit: Ariel Jerozolimski [file])


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


Delek Real Estate Ltd. bonds rose after Isaac Tshuva’s property company agreed to sell its stake in Israel’s Ramlod shopping mall and an adjacent gas station as it works to improve its cash position.

Delek’s bonds due 2019 increased 0.6 agorot to 75.8 agorot on the shekel in afternoon trading in Tel Aviv, pushing the yield on the 4.8 percent note to 10.74%. Delek shares climbed as much as 2.6%, the biggest intraday gain in more than a month, to NIS 3.598. They last traded at NIS 3.54.

Delek will sell its 50% holding in the mall and gas station located in the city of Ramla, Israel, for about NIS 59.5 million, it said Wednesday. The transaction would bring the company’s asset sales in the past three months to NIS 800m.

“This is another step in our strategy to realize assets in Israel and abroad,” said Chief Executive Officer Eran Meytal. “This will help improve our liquidity and our financial condition.”      

Delek is raising cash holdings as it seeks to assure debt holders it won’t default after shares slumped 85% in 2008 as property assets, such as RoadChef Motorways Holdings Ltd. fell in value.

Since the beginning of last year the shares have gained 47% as the company sells assets and Tshuva pledges to inject cash. Shares of Delek Group Ltd., the holding company in which Tshuva holds a 64% stake, more than doubled over the last year after the company and its partners made Israel’s largest gas discovery offshore Haifa.

Meytal told the Hebrew press late last year the company plans to sell “billions of shekels in assets,” to help it pay NIS 22b. of debt.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection


Cookie Settings