Afcon sells its subsidiary for $ 37 million – the capital market

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Afcon Holdings
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, Which is active in the fields of infrastructure, electromechanical systems, control and automation technologies and communications and has begun to enter the field of renewable energies, announces that it is selling all its holdings (approximately 29%) in its subsidiary TIBA, which operates mainly in the US and Israel in the field of providing Solutions for parking systems are installed and worth about $ 133 million, to the Italian company FAAC, which deals with products and low-voltage solutions.

Afcon’s share in the transaction, less expenses, amounts to approximately $ 37 million, in addition to the dividend distributed on the eve of the transaction, with the subsidiary’s share in the dividend amounting to approximately $ 7 million. In 2007, Afcon invested a total of approximately $ 1.3 million in Thiba, and the total return over the years from Afcon’s investment in Thiba will amount to approximately $ 54 million, including dividends.

The date set in the agreement for the completion of the transaction is January 4, 2021, and the completion of the transaction is subject to conditions precedent.

Israel Reif, Chairman and Owner of Afcon Holdings: “The realization of Tiba is another step in improving companies that Afcon Holdings continues to lead alongside its additional activities in the fields of renewable energy, construction, electrical systems and control systems. Of Afcon. ”