Electra Ltd ("The Company") hereby announces that on August 13, 2013, Electra Construction Ltd., a subsidiary of the Company (hereafter, "Electra Construction"), entered an agreement with MIFALEY TAHANOT Ltd., a subsidiary of NITZVA Holdings 1995 Ltd. (hereafter, "MIFALEY TAHANOT"). According to this agreement, Electra Construction will build for MIFALEY TAHANOT ten (10) residential buildings containing about 628 residential units, at KESEM compound in Rosh Ha'ayin, at a total cost of approximately NIS 415 million, with the addition of V.A.T., and linkage differences to the Building Input Index.
Electra Construction is expected to begin the construction activities pursuant to receiving a work commencing order, subject to receiving a building permit from MIFALEY TAHANOT for building the said residential units, which as estimated solely by MIFALEY TAHANOT is expected to be granted within about six (6) months. The construction works are expected to spread over about 36 months from the work commencing date.
It should be noted that according to the aforesaid agreement, MIFALEY TAHANOT is entitled to reduce the number of buildings to eight (8) buildings, containing 496 residential units and on the other hand, is entitled to increase the number of units to about 1,190 residential units.