| Development and Activity in India |
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Date:
7/12/2006
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Source:
TASE
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India.
Electra Real Estate Ltd. ("The Company") hereby reports that on 30th November 2006 a wholly owned foreign subsidiary of the Company entered into an agreement with Property & Building International Investments (2005) Ltd, a member of the Property & Building group (hereinafter referred to as “Property & Building”) and another foreign company (hereinafter referred to as “the foreign company”) for the establishment of a company in Mauritius (hereinafter referred to as “the Mauritius company”), which will be held by the foreign subsidiary and Property & Building in equal shares (45% each) and the foreign company (the remaining 10%). The agreement regulates the relationship between the subsidiary, Property & Building and the foreign company as the Mauritius company’s shareholders. The Mauritius company will act in the promotion of activity and investments in the sphere of real estate in India.
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| India |
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