Legal Proceedings Report • Dec 1, 2025
Legal Proceedings Report
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Registration Number: 520036104
To:
Israeli Securities Authority www.isa.gov.il
To: Tel Aviv Stock Exchange Ltd.
Form No.: T053 (Public)
Sent to MAGNA: 01/12/2025
Reference: 2025-01-094823
Regulation 36 to the Securities Regulations (Periodic and Immediate Reports), 1970
The results of an issuance should be reported in form T20 and not on this form.
A report regarding rating of BONDS or rating of a corporation should be submitted by form T125.
[ ] Report whose submission was delayed
Update regarding the sale of activity in Ethiopia
| This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew | ||
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| version. For more information, please review the legal disclaimer. |
| 1. Following the company's immediate report dated June 3, 2024 (reference number: 2024-01-058566) and note 31d20 to the 2024 financial statements, which were published on March 27, 2025 (reference number: 2025-01-021148), referenced herein, regarding the sale of the group's activity in Ethiopia through the assignment of all rights and obligations of a subsidiary company involved in an intercity road construction project in Ethiopia to a third party unrelated to the company, the company is pleased to update that on November 30, 2025, a letter was received from the project employer concerning actions required from the subsidiary company in order to complete the assignment agreement. In the letter, the project employer claimed that the subsidiary company is not fulfilling its main obligations under the assignment agreement, the deadline for which was six months, mainly because it has not yet completed the transfer of ownership over all existing inventory in the project and the equipment, free and clear of any debt, to the third party. Accordingly, the project employer claims that the subsidiary company is fundamentally breaching the assignment agreement, and he is entitled to forfeit an autonomous bank guarantee provided by the subsidiary company in the amount of 14.2 million US dollars. Therefore, the subsidiary company is required to submit a work plan with detailed timelines in order to fulfill its obligations according to the assignment agreement. As of the report date, the subsidiary company is reviewing the claims raised in the letter and will work to reach agreements with the project employer regarding the schedules for completing its obligations under the assignment agreement. |
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| 2. The date and time on which the corporation first became aware of the event or matter: 30/11/2025 at 12:00 |
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| 3. If the report was delayed – the reason for the delay: | |||
| 4. On the date and time the obstacle to reporting was removed: Date: Time: |
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| The company is a shell company as defined in the Stock Exchange regulations. 5. |
| No. | Name | Position |
|---|---|---|
| 1 | Amit Bierman | CEO |
| 2 | Hila Tirosh | Other (Chief Legal Officer) |
Explanation: According to regulation 5 of the Securities Regulations (Periodic and Immediate Reports), 1970, a report submitted according to these regulations must be signed by those authorized to sign on behalf of the corporation. The Staff Stand on the issue is available on the authority's website: Click here
Form structure last update: 06/08/2024
Short name: SHIKUN & BINUI
Address: 1a HaYarden, Airport City, 70100
Phone: 03-6301111 Fax: 03-6301595
Email: [email protected]
Company website: http://www.shikunbinui.co.il
Previous Names of the reporting entity: SHIKUN & BINUI HOLDINGS LTD.
Electronic reporter name: Tirosh-Ankri Hila Position: Legal Counsel and Company Secretary Employer company: SHIKUN & BINUI LTD.
Address: HaYarden 1, Kiryat Sde Airport, 70100 Phone: 03-6301517 Fax: 03-6301520 Email: [email protected]
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