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Monday 20 Apr 2020 , 9:44 am

Israel’s Delek Group Sells Stake in Cohen Development for $58 Million

In addition to the cash, Delek will be entitled to its share of the payment of a dividend of $5 million expected from Cohen Development on April 21.
By SIN Bureau
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Israel’s Delek Group has sold its 51.76% stake in Cohen Development Gas & Oil Ltd for 207 million shekels ($58 million) in cash, the energy conglomerate said on Monday.

A Delek petrol station in Tel Aviv

In addition to the cash, Delek will be entitled to its share of the payment of a dividend of $5 million expected from Cohen Development on April 21.

The shares were sold to various buyers in unequal parts.

Since the shares sold were used as security for credit provided to the company by a bank, the money received was deposited in the company’s account at the bank. Half of the amount is being released to Delek for its current needs and half will be mortgaged in favor of the bank in a deposit.

As of Dec. 31 the balance of the company’s direct investment in Cohen Development was 305 million shekels.

“The company is assessing the accounting implications of this transaction on its financial statements,” Delek said.

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Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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