Amsterdam, June 29, 2011 – Kardan N.V. (“Kardan”), active in Real Estate, Water
Infrastructure and Financial Services in emerging markets announces that Kardan Israel
Ltd. (“KIL”) has entered into negotiations to sell to Hamizrach Holdings Ltd. (“Hamizrach”)
approximately 34% (the “Purchased Shares”) of its approximately 68% shareholding in Dan
Vehicle and Transportation D.R.T. Inc. (“Avis”).
Avis is a stock listed company on the Tel Aviv Stock Exchange and is active in rental and leasing
of vehicles in Israel.
The parties agreed that as a consideration for the Purchased Shares, Hamizrach will pay to KIL
NIS 200 million (approximately EUR 40 million). If and when the sale is completed, KIL and
Hamizrach will hold joint control over Avis. The completion of the transaction is subject to, inter
alia, formalization of a detailed agreement between the parties and obtaining the approval of Avis
Hamizrach, owned by the Iny family in Israel, today holds 45% of the shares of Universal Motors
Israel Ltd. (“UMI”). KIL today holds approximately 40.5% of the shares of UMI.
In March 2011 KIL acquired approximately 54.25% of the issued share capital of Avis in addition
to the 14% stake in Avis it already held. Following that acquisition, KIL currently holds a controlling
stake of 68% in Avis.