Activities in Israel
On June 22, 2011, Kardan announced the intended spin-off of the 74% stake that Kardan held in Kardan Israel (KIL) and the indirect 97% share it had in Milgam Municipal Services Ltd. (“Milgam”). KIL is mainly active in Real Estate, Construction Works, Sales of Vehicles (specifically GM vehicles), Rental and Leasing of Vehicles through Avis Israel and Communication & Technology, all activities located in Israel. Milgam provides services to the municipalities in Israel. Kardan no longer considers these activities fitting in the focused, international growth of Kardan, which is to grow its real estate activities in CEE and Asia as well as its Water Infrastructure activities worldwide in emerging markets.
The structure of the spin-off included the transfer of Kardan’s shares in KIL as well as Kardan’s indirect 97% stake in Milgam to a newly incorporated Israeli company called Kardan Yazamut (2011) Ltd. (“Yazamut”). Following the transfer of the KIL and Milgam shares to Yazamut, Kardan distributed one Yazamut share for each Kardan share to its shareholders, as per the record date of September 21, 2011. On October 5, 2011, the distribution of the Yazamut shares took place, followed by the listing of the Yazamut shares on the Tel Aviv Stock Exchange on October 6, 2011.
The ISIN code for the Yazamut share is: IL0011244782
The English symbol for the Yazamut share is: KRYT.