Solbar Acquisition by Investment Group
As part of acquisition agreement an arrangement has been made with the company's debenture holders, whereby the investment amount of $20 Million had been used to redeem all of the outstanding debentures previously issued by the company.
07/05/07 Solbar Industries Ltd. has announced the acquisition of a controlling interest in Solbar Industries Ltd. by a group of investors lead by FITE - First Israeli Turnaround Enterprise Ltd., Mivtach Shamir Group & Mr. Ori Yehudai. Solbar Industries Ltd. is an Israeli public company, whose shares are traded on the Tel Aviv Stock Exchange. The investors' group acquired approximately 51% of the share capital in Solbar.
As part of acquisition agreement an arrangement has been made with the company's debenture holders, whereby the investment amount of 80 Million Shekels (approximately 20 Million U.S. Dollars) had been used to redeem all of the outstanding debentures previously issued by the company. Solbar's management estimates that, as a result of the investment, Solbar will gain an improved financial position and balance sheet.
Solbar sales of specialty soy proteins in 2006 increased by more than 20% compared with 2005 results. In addition to the capital investment in Solbar, the investors bring a wealth of experience which may contribute to strengthening Solbar's business results and will further take an active role in the management of the company. Together with its management and dedicated work force, Solbar is committed to offering quality functional soy protein concentrates, soy isolates, textured soy concentrates and soy isoflavones for a wide range of products and market segments.
