Businessman Eli Elezra claims to have received offers to buy stakes in the
leasing company, which he just took over last Friday.
Acting through his real estate company Afridar, Elezra paid
Discount Investment Corporation (TASE:
), a member of the IDB group, NIS 268.5 million for all shares in Albar. The deal was finalized after four extensions.
Now two institutional investors are each asking to buy 20% stakes at a company value of NIS 600 million, Elezra told TheMarker.
In the past Elezra told TheMarker that he will not be bringing partners into the Albar deal. But the offers could pay for 90% of his outlay for the company, while leaving him with 60% of its share capital.
Albar has about 46,000 customers for its leasing services, which it handles through 400 sales points and three sales centers, in Bnei Brak, Haifa, and Beer Sheba. The company was hit hard by the recession and the hi-tech slump. For the second quarter, Albar netted only NIS 1 million, compared with NIS 10 million in the same quarter of last year.
For 2001 Albar reported netting NIS 1 million on turnover of NIS 637 million, versus netting NIS 16 million on turnover of NIS 429 million in 2000.