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Reports that it has signed a strategic cooperation agreement with the Tiber holding company. According to it, the company will invest NIS 5 million in exchange for 9% of Tiber shares, and will also provide it with services in its field of activity. The company expects that the agreement will expand its activities in the field of communications.
According to the report, the subsidiary (100%) Bern Afco has signed with Keren Aluma, the controlling owner (85%) of Tiber, an agreement for strategic cooperation in the field of management, initiation, planning, construction, and operation of wireless communication sites leased to the cellular companies.
According to the agreement, Bern is expected to provide the Tiber Group with services that include, among other things, management, initiation, planning, licensing, construction and maintenance of communication infrastructures and sites for wireless communication. In addition, the company will invest NIS 5 million in Tiber in exchange for an allotment of 9% of its shares. In the Company’s opinion, the cooperation agreement is expected to expand the Company’s activities in the field of communications.
The Tiber Group, whose control was recently acquired by the Aluma Foundation, owns the TEM companies, communication towers and anchors in green. The group establishes and operates wireless communication sites leased to the cellular companies and owns 65 sites.
The report comes after about two months ago, the company signed a strategic cooperation agreement with Mekorot, in the planning and execution of joint projects in the field of water. According to it, Mekorot will be responsible for consulting and planning in the field of water, while Bern will be responsible for the planning and execution of the joint project.
In an interview with BizPortal, the company’s CEO, Sharon Zaid, estimated that the company is expected to enter projects that will jump it “into another league.” A jump of about 33% since the beginning of the year and it is now traded at a market value of about NIS 99 million.
About three months ago, the company published its results for the first quarter of 2020 in which it presented a 30% decrease in revenue alongside a 20% decrease in net profit. However, the company believes that the crisis may play in their favor, due to the understanding of the importance of improving communication, and carrying out infrastructure projects.
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