The Company is pleased to announce that on date ___________, the Company engaged with an unrelated third party tot eh Company or to its controlling interest (Hereinafter The Buyer) in an agreement to sell the Company's rights to property with a registered area of 9,944 square meters in Rishon le Zion, on which are various buildings, AS-IS (Hereinafter The Property, The Buildings and the Sales Transaction).
The consideration for the sale of the Company's rights to the Property and the Buildings paid for by the Buyer to the Company is NIS 32,510 thousand plus linkage differentials and VAT as required by law. The betterment tax for the sales transaction will apply to and will be paid for by the Company.
The Company is expected to record in its consolidated financial statements a pre-tax and post-tax profit from the Sales Transaction in the amount of NIS 18.2 million and NIS 13 million respectively. The Company will also generate net flow of approximately NIS 23.4 million.
In addition, the Company engaged in a rental agreement in which the Company would rent from the Buyer the Property and the Buildings, for a period to end 31 July 2017 (Hereinafter The Rental Transaction). The Rental Period in accordance with the Rental Transaction can be reduced or extended for a period not to exceed 6 months, subject to having issued notice