Kardan to be listed on Euronext Amsterdam

The Kardan Group (Kardan) announced today that it has issued a prospectus in connection with the listing of shares of Kardan N.V. on the Official Segment of the Stock Market of Euronext Amsterdam N.V. on or around 10 July 2003. This listing is subject to the successful Tender Offer for all outstanding ordinary shares of Tel-Aviv Stock Exchange listed Kardan Ltd. Concurrently with the listing on Euronext Amsterdam, the shares of Kardan N.V. will also be traded on the Tel-Aviv Stock Exchange. After the Tender, Kardan N.V. will own all of Kardan activities.

Kardan is a dynamic investment company with entrepreneurial skills, focussed on value creation for its shareholders. Kardan is active in 5 sectors: real estate, financial services, infrastructure, automotive, and high tech/telecom. Real estate, financial services, and infrastructure are conducted primarily in Central and Eastern Europe, comprise more than 70% of its current business, and are the focus of Kardan’s future growth. Over the years Kardan has established partnerships and working relationships with leading international institutions such as the EBRD, Citibank, Deutsche Bank and other European banks, Rodamco and General Motors.

“As an investment company with active management involvement, we want to raise our profile as an international player focussing on investments with high-growth potential in the European markets. We see a listing on Euronext Amsterdam as an excellent opportunity to benefit from the leading pan-European financial markets, to increase contacts with the international investor base, to increase our activities both organically and through mergers and acquisitions. This listing will provide us with the adequate tools to strengthen our expansion and maintain our growth rate which took us from a value of $3 Million in 1991 to a current listed value of approximately $150 Million”, stated Kardan CEO, Mr. Harel.

The Listing on Euronext Amsterdam will highlight the international orientation of Kardan’s activities and will advance its business goals. Kardan strategy is to further develop its international operations, which will involve new relationships with financial and strategic institutions, additional investments, and new ventures. A listing on Euronext Amsterdam will open new horizons for the company, with greater accessibility to the European business community, additional flexibility in structuring transactions, and greater visibility in the financial markets.

The real estate and financial services activities have been operated by Dutch companies for approximately 10 years and we are now establishing group headquarters in Amsterdam. Therefore, based on the above, a Listing on Euronext Amsterdam is a logical next step for the group.

As to the Listing of 60,868,804 to 71,447,679 ordinary shares with a nominal value of EUR 0.20 each of Kardan N.V., van der Hoop Effektenbank N.V. will act as listing agent. First Dutch Capital B.V. acts as Corporate Finance Advisor to van der Hoop Effektenbank. Houthoff Buruma acts as legal advisory to Kardan N.V.

The Board of Management of Kardan N.V. consists of Mr. H. Harel (CEO) Mr. B. Bremer, and Mr. Y. Grunfeld. The Supervisory Board of Kardan N.V. will consist of Mr. J. Krant (Chairman), Mrs. K. Rechter, Mr. I. Fink, Mr. H. Alster, Mr. H. Broeksma and Mr. A. Shnur.

Source: Kardan

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