Kardan Israel in negotiations regarding partial sale of Avis

 

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

 

Europe.

 

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.

 

 

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