Harel becomes interested in Hanan Moore – Real Estate

Real Estate Company

Hanan Moore
+ 0.92%

Base:3,903

opening:3,903

Tall:4,125

low:3,903

change:510,536

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Reports that the insurance company Harel will invest NIS 40 million in it for about 1.1 million new shares, thus becoming an interested party in the company. This is a blocked private placement that was made at a price of NIS 37 per share, a 5.2% discount on the share price at the close of trading yesterday.

This is a small dilution for investors as Hanan Moore issues new shares and does not sell existing shares. After the allotment, Harel (7.23%) will have the largest interest outside the company. Hanan Moore herself will continue to hold 53% of the voting rights, Hanan Moore will hold 8%, Avi Maor 3.3%. Yellin Lapidot also invests in the company and holds about 4.6% of the company’s shares.

Hanan Moore, Chairman of the Group noted: “In the past year the Group has completed preparations for the next decade of value creation for the Group’s shareholders. We aim for accelerated growth in the coming years, both in light of our entry into projects on a scale not yet seen in the group and also in light of a rapid increase in cash flow from our income-producing assets. ”

In the report for the third quarter of 2020, the company presented revenues totaling NIS 55.8 million, the company moved to a net profit of NIS 2.7 million; On the other hand, the company showed an erosion in the gross profit margin; The company sold 38 units and 17 commercial units during the reporting period, and in an interview with BizPortal, Hanan Moore said: “Our existing projects are expected to generate a gross profit of NIS 670 million in the next 4 years.”