Israel's Delek Group sells stake in Cohen Development for $58 million [Reuters]
DELEK GROUP ADR (DGRLY)
NASDAQ:AMEX Investor Relations:
ir.delek-group.com/investor-relations
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Source: Reuters
Israel's Delek Group sells stake in Cohen Development for $58 million TEL AVIV (Reuters) - Israel’s Delek Group ( DLEKG.TA ) has sold its 51.76% stake in Cohen Development Gas & Oil Ltd ( CDEV.TA ) for 207 million shekels ($58 million) in cash, the energy conglomerate said on Monday. 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,” De
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