TEL AVIV, Israel, Nov. 16, 2016 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. ("EI" or the "Company") (TASE:EMITF) (NASDAQ:EMITF) announced today, in further to its announcement dated on September 30, 2016, an update regarding an agreement to sell 100% of its interest in a special purpose vehicle which holds a site in Bangalore, India, by Elbit Plaza India Real Estate Holdings Limited (in which EI holds a 50% stake with its joint venture partner, Plaza Centers N.V.) (" EPI") to a local investor (the " Purchaser"). The Purchaser paid an advance payment of INR 5 Crores (approximately €0.65 million) on 30 September 2016, but has informed EPI that it will not be able to execute the advance payments due, in the fourth quarter of 2016, under the Sale Agreement. The Sale Agreement determines that if the Purchaser fails to execute any of the advance payments, EPI will be able to enforce its rights under the Sale Agreement, including the execution of the Securities. Therefore, EPI is now considering its options with respect to the Sale Agreement, including, inter alia, the execution of the securities provided by the Purchaser to EPI under the Sale Agreement. The Company will update regarding any new developments. About Elbit Imaging Ltd. Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial centers - initiation, construction, and sale of commercial centers and other mixed-use property projects, predominantly in the retail sector, located in Central and Eastern Europe. In certain circumstances and depending on market conditions, the Group operates and manages commercial centers prior to their sale. (ii) Hotel - operation and management of the Radisson hotel Complex in Bucharest, Romania. (iii) Medical industries and devices - (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine. (iv) Plots in India - plots designated for sale initially designated to residential projects .
Elbit Imaging (EMITF) is rocketing higher on Tuesday after announcing its Gamida Cell Ltd, which Elbit's subsidiary Elbit Medical Technologies holds 30.8% voting power in, had received an acquisition proposal from a pharmaceutical company.