Business in Brief: November 26

NIS 2.2b green plan heads to cabinet; blood test company wins FDA approval; Acro Group buys J’lem Light Rail stake.

November 25, 2010 23:25
4 minute read.
Business in Brief: November 26

blood test 88. (photo credit: )


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NIS 2.2b green plan heads to cabinet • By GLOBES CORRESPONDENT

The cabinet will vote on a NIS 2.2 billion plan to reduce Israel’s greenhouse gas emissions by 20% by 2020 at its upcoming meeting on Sunday. NIS 539 million of the plan’s cost will be budgeted in 2011-12.

The comprehensive plan includes reducing household electricity consumption, support for investments to reduce greenhouse gas emissions by industry, educational activities and public relations, and support for initial installations of innovative Israeli technologies.

The Ministry of National Infrastructures; the Ministry of Environmental Protection; the Ministry of Housing and Construction; the Ministry of Transport; the Ministry of Industry, Trade and Labor; and the Ministry of Finance will be responsible for the plan.

Blood test company wins FDA approval • By GLOBES CORRESPONDENT

The Tel Aviv-based blood test developer RapiDx has received authorization of successful registration of its Rapid Ring device with the US Food and Drug Administration (FDA). RapiDx is a portfolio company of TechnoPlus Ventures Ltd. (TASE:TNPV).

TechnoPlus owns 5.73% of issued share capital of RapiDx, and 11.32% on a fully diluted basis.

The FDA registration allows RapiDx to sell Rapid Ring in the US, a product which fits around the finger and allows quick and effective drawing of blood without the need of a medical professional. The company says it reduces the pain of the lancet, and is intended for single use.

Rapid Ring can be integrated with various existing blood drawing systems, and can be an effective solution to the problem of drawing enough blood from the patient’s finger.

TechnoPlus said that RapiDx intends to turn to strategic organizations in the US diagnostics market for the distribution and sale of Rapid Ring, and to continue to develop other products.

Acro Group buys J’lem Light Rail stake • By GLOBES CORRESPONDENT

Acro Group Ltd. has acquired the 17.5% stake of Polar Investments Ltd. (TASE: PLR) in CityPass, the Jerusalem light rail franchisee, for NIS 26 million.

The core businesses of Acro Group, a private company owned by Arbov Investments Ltd. and Virometal Investments Ltd., are real estate and infrastructure. The company’s real estate portfolio in Israel and Manhattan is worth NIS 3 billion. In Israel, the company’s main projects include a prestigious residential tower block at 17 Rothschild Boulevard in Tel Aviv, the New Tel Aviv Towers, the Gymnasia Tower in Tel Aviv, and the Herzliya Business Center. In Manhattan, the company owns the East 51 Street building and a luxury hotel opposite Bryant Park between 5th and 6th Avenues.

The acquisition of Polar Investment’s CityPass stake will boost Acro Group’s infrastructure business. Hapoalim bids for Turkish bank Bank Hapoalim (TASE: POLI) offered to buy Adabank, a bank in Turkey, according to a report by Bloomberg news service.

But according to the report, Hapoalim was the only bidder in the tender. However, its bid of $42 million was less than half the $90 million minimum price that Turkey was seeking. Turkish regulators will now discuss the offer and decide whether to accept it or not. Options for Turkey include reopening the bidding, or negotiating with Bank Hapoalim.

Bank Hapoalim already owns Turkish financial institution Bank Pozitif, which does not have a license to accept consumer deposits. Buying Adabank, which does have the necessary license, would give Hapoalim the ability to collect deposits.

Dental implant co needs NIS 5-6m • By GALI WEINREB

Sources informed “Globes” that dental implant developer Sialo Technology Israel Ltd. (TASE: SALO) is seeking to raise NIS 5-6 million, according to its prospectus.

Sialo develops minimally invasive treatments for root canal treatment, saliva stones, and dental implants. The treatments are based on the company’s proprietary fiber optic endoscopes for direct viewing into the mouth instead of current blind treatments.

Sialo’s share price rose 0.7% yesterday to NIS 2.29, giving a market cap of NIS 36 million.

Osem gains in domestic market • By KOBY YESHAYAHOU

Food producer Osem Investments Ltd. (controlled by Nestle (SWX:NESN)) (TASE: OSEM) reported a rise of 11.9% in third quarter revenue, reaching NIS 986.15 million, up from NIS 881.3 million in the corresponding quarter of last year.

Sales in Israel over the first nine months of the year rose 13.45% to NIS 2.35 billion, compared to NIS 2.08 billion in the corresponding period of last year. The rise came from organic growth in the company’s sales in Israel, as well as the acquisition of Materna which contributed 9.9% to the gain in sales.

Profit rose 1.8% to NIS 90.76 million, compared to NIS 89.11 million in last year’s corresponding period.

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