Electra acquires control of Office Duty – the capital market

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Reports that it will acquire control of Office Duty, which manages and operates electronics stores at Ben Gurion Airport. The buyer will be allocated 50.1% of the capital of Office Duty, a subsidiary of Office 3000, for NIS 5 million.

As part of the agreement between the parties, Office Duty’s dividend distribution policy was anchored, and as part of this, Office 3000’s the right to receive a premiere dividend in the amount of NIS 2 million. The parties will also be given options to sell and purchase Office Duty shares. Completion of the transaction is subject to the approval of the competition commissioner and the director of customs, as well as the existence of conditions precedent agreed upon by Electra Consumer and Office 3000.

Recently, Electra Consumer entered into another agreement with Office 3000, then with its subsidiary Office Eilat 3000, when in January Electra was transferred full rights in the Ace Mall in Eilat.

Alongside the absorption of Office 3000 into Electra Consumer, as announced, the company will also expand its activities to the field of recycling electrical products, when it establishes a joint venture with the Trade of the Reichman family and Teddy Sagi. Electra is talking about a goal for 2030 of recycling 30% of all electrical waste in the country in the joint venture, with the estimated estimates that it will generate a profit of millions of shekels every year.

Electra Consumer closed the third quarter of 2020 with revenues of NIS 741,000, 21% higher than the NIS 613,000 it received in the corresponding period. On the bottom line, the company almost doubled its profit (an increase of 87%) to NIS 218,000, compared to NIS 116,000 a year earlier.