Hagag Agrees to Sell 7.5% Stake in Rani Zim Shopping Centers for NIS 75 Million

Hagag Group and its wholly owned subsidiary signed an agreement on October 22 to sell a 7.5% stake in Rani Zim Shopping Centers to Rani Zim companies for NIS 75 million. The price implies a NIS 1 billion valuation for the shopping-center operator. Completion is due within 30 days, with the buyers entitled to a one-time extension of up to 15 days. Hagag would retain about 22.16%, and joint control would continue after the initial sale. The buyers also receive an option to purchase another 7.5%, exercisable within 11 months after initial completion.