Metis Capital Ltd. is in talks with an Australian gas station company to sell its entire holding in Petro Group Ltd. at a value of NIS 120 million, 115% higher than Petro Group’s market cap, Israel’s Globes Online reported.
Metis Capital’s share rose 7.3% yesterday to NIS 17.80, giving a market cap of NIS 133 million. The share was unchanged on Franfurt Burse at €2.20. Petro Group’s share rose 30.1% yesterday to NIS 4.55, boosting the company’s market cap from NIS 56 million to more than NIS 70 million.
“Petro Group owns 350 gas stations,” Metis Chairman Amnon Barzilai told Globe Online. “The company can be developed both in terms of the number of gas stations, and by entering the refining business. We’ve decided to make a ‘turn’, so we’ve put up all of Metis’ assets for sale. When there’s a profit, take it and run, that’s our policy. We’ve decided to sell everything because we now have an opportunity. We intend to take over a large income-producing real estate company in the U.S.”