ECP CEO Zvika Shwimmer told investors that such a flotation would be at a company valuation of NIS 800 million or more.
Electra Consumer Products (TASE: ECP), which has been awarded the franchise for Carrefour supermarkets in Israel, is considering a flotation for Carrefour Israel on the Tel Aviv Stock Exchange (TASE). Electra Consumer Products CEO Zvika Shwimmer told investors, “A Carrefour IPO at a company valuation of NIS 800 million or more is on the agenda. There is no doubt that the work we did with Carrefour and the launch and the results allow us to also look at a flotation, alongside a decision on its implementation.”
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Israeli supermarket chain Yeinot Bitan reported a net loss of NIS 82 million in the first quarter of 2023, according to the financial report of Electra Consumer Products (TASE: ECP), which fully owns the chain. Yeinot Bitan lost NIS 14.5 million in the corresponding period of 2022. At the start of May, Yeinot Biotan launched 50 branches of Carrefour, around the country after its branches had been closed for renovations for several months.
As a results of the closures, revenue in the first quarter of 2023 fell to NIS 688 million from NIS 644 million in the corresponding quarter of 2022. The cost of converting the 50 branches to Carrefour was NIS 77 million.
Published by Globes, Israel business news – en.globes.co.il – on May 29, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
Carrefour Israel credit: Bar Lavi
