Alon Holdings Blue Square-Israel Announces Draft Valuation Received By Its 78.22% Held Subsidiary, Blue Square Real Estate Ltd., For The Wholesale Market Project In Tel Aviv (the "Project")
ROSH HAAYIN, Israel, August 6, 2012 /PRNewswire/ --
Alon Holdings Blue Square - Israel Ltd. (hereinafter: "Alon Holdings") announced today that it had been informed by its 78.22% held subsidiary, Blue Square Real Estate (herein, "BSRE") that in connection with the Project conducted by two private companies (the "Residential Company" and the "Mall Company") in which BSRE indirectly holds approximately 50%, on August 5, 2012 the board of directors of the Mall Company discussed the draft valuation of the contemplated mall in the Project, which was ordered for purpose of preparation of the 2012 second quarter financial statements of BSRE and is dated as of June 30, 2012 (the "Draft Valuation").
Based on the Draft Valuation, which was prepared by an external and independent real estate appraisal, BSRE estimates that it expected to record in its 2012 second quarter financial statements (on account of its holdings in the Mall Company), due to increase of the fair value of real estate for investment purposes, profits (before taxes on income), in the amount of approximately NIS 95 million (approximately US$ 23.5 million). Thus, Alon Holdings is expected to record in its financial statements a profit (before taxes on income) of approximately NIS 95 million (approximately US$ 23.5 million).
In light of the above, Alon Holdings and BSRE estimate that regarding their financial results for the second quarter of 2012, the examination of which has not yet been completed, the total profits for their shareholders for this second quarter is expected to be significantly higher than that of the first quarter of 2012.It is clarified that these estimations of BSRE and Alon Holdings are merely preliminary. The information has not yet been completed, reviewed and approved neither by the committee for examining the financial statements of BSRE and of Alon Holdings nor by their board of directors.
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