Israeli tycoon Gad Zeevi firmly denied press reports that his holdings company, Zeevi Holdings, is selling off its Subaru vehicle importing business JapanAuto and its DIY chain of stores Ace Buy and Build.

"These rumors are incorrect and are deliberately being circulated by parties with vested interests," Zeevi officially stated. "At this stage the utter opposite is the case: We are bolstering the group management in order to expand our activities."

Zeevi also holds a substantial interest in the Bezeq phone company, among other things.