David Federman in talks to sell Avgol stake
Sources: Federman’s Petrochemical Enterprises is negotiating the sale of its holding in Avgol Nonwoven Industries to Ethemba Capital.
In the notice, Petrochemical Enterprises added the caveat that there was no certainty at this stage whether the negotiations would result in a binding deal. If no deal is reached with the private equity fund, Petrochemical Enterprises many hold talks with other parties for the sale of the controlling interest in Avgol.
Petrochemical Enterprises owns 24% of Avgol. Avgol’s share price rose 4.2% in early trading today to NIS 2.96, giving a market cap of NIS 846 million.
Published by Globes [online], Israel business news – www.globes-online.com – on July 24, 2012