ILD Insurance, of the Israel Land Development Company (Nasdaq:ILCDY) group, has bought the auction documents to bid for the government agency Israel Foreign Trade Risk Insurance Company (IFTRIC).
ILDC chief executive Ron Weisberg says the state is demanding between $10 million to $20 million for the controlling interest in IFTRIC.
Weisberg says IFTRIC makes about $4 million to $4.5 million profits a year. He believes that Clal Insurance will also bid for IFTRIC, and that there may be other bids too.
The ILDC wants to take over IFTRIC in order to expand its insurance and financing activities.
ILD Insurance is traded on the TASE. It ended 2000 with a net profit of NIS 7.5 million. In the past the group had considered taking over Israel Phoenix Assurance Company.