Industrial Building writes down NIS 24 million on holdings in IDB

Eliezer Fishman's Industrial Building Corporation (TASE: IBLD ) wrote down NIS 24 million on its holdings in IDB Holdings in the fourth quarter.

Industrial Buildings wrote down its investment from NIS 144 million to NIS 120 million after the market value of its block of shares eroded to NIS 110 million as of December 31, 2001. The current market value of the block comes to some NIS 90 million, about 25% less than the recorded value after the write down.

Industrial Buildings attributed the decision to the failure of IDB takeover deal involving IDB Holdings Chairman Leon Recanati, the Carasso family and Kardan.

Industrial Buildings did not write down its holdings in Bank Hapoalim(TASE: POLI ), listed at NIS 233 million, 30% more than the market value of the stake, NIS 162 million.

Three weeks ago Industrial Buildings published a prospectus saying that the board had decided there was no need to write down the firm's investments in IDB Holdings and Bank Hapoalim.