ELBIT IMAGING ANNOUNCES UPDATE REGARDING THE AGREEMENT TO SELL ITS HOLDINGS IN THE PROJECT IN BANGALORE, INDIA
ELBIT IMAGING LTD (EMITF)
US:NASDAQ Investor Relations:
elbitimaging.com
Company Research
Source: GlobeNewswire
Tel Aviv, Israel, May 28, 2019 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) (“Elbit” or the “Company”) announced today, further to its press release dated May 13, 2019, that under the agreement (the “Agreement”) signed by Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Plaza Centers N.V. (50%)) (“EPI”), for the sale of a 100% interest in a Special Purpose Vehicle which holds a site in Bangalore, India, to a local investor (the “Purchaser”), the Purchaser has paid approximately €0.375 million out of the approximately €2.25 million to be paid in Q2 2019. The remaining amount is expected to be paid until the end of June 2019. As of the date hereof, the Purchaser paid to EPI approximately €10.63 million on account of the consideration, which EPI is entitled to forfeit if the Purchaser does not close the transaction as per the Agreement. Further, the Purchaser has mortgaged approximately 8.7 acres of plots as security for com
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