TEL AVIV, Israel, Nov. 21, 2016 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. (" Company") (TASE:EMITF) (NASDAQ:EMITF) announced today, further to its announcements dated March 10, 2016 and March 24, 2016, that its approximately 98% holding subsidiary, Bucuresti Turism S.A. (" BUTU") has reached the effective date for the drawdown of the second tranche of the loan in the amount of Euro 12 million under the Amended and Restated Facility Agreement between BUTU, as borrower, Raiffeisen Bank International A.G and Raiffeisen Bank S.A., leading international European banks, as lenders and the Company as guarantor. Following the drawdown, the total outstanding amount of the loan is approximately Euro 95 million. Euro 7 million will be used by the Company for a principal payment to Bank Hapoalim B.M. 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.