Refrigeration Company announces that its grandson, Yafora, has entered into an agreement with Green Pet Ltd. and the shareholders of Green Pet (third parties unrelated to Lipora or Refrigeration), in a transaction that involves the establishment of a company that will engage in the field of plastic bottle recycling, “Green Pet Recycling”.
As part of the transaction, Green Pet will sell to Green Pet Recycling all its assets in the field of activity, including the knowledge and reputation of Green Pet, for a total of approximately NIS 28 million, of which an amount of approximately NIS 8.5 million (30%) will be financed by Yafora and the rest by the rest of the shareholders. The financing will be by way of an owner loan.
Completion of the transaction is subject to the fulfillment of conditions precedent set forth in the agreement. At the date of completion of the transaction, Yafora will hold 30% of Green Pet Recycling’s share capital, and Green Pet A’s and B shareholders will hold 45% and 25% of the share capital, respectively.