Legal Proceedings Report • Oct 29, 2025
Legal Proceedings Report
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Registry Number: 510459928
Israel Securities Authority (www.isa.gov.il)
Tel Aviv Stock Exchange Ltd (www.tase.co.il)
Form Number: T053 (Public)
Filed to MAGNA: 29/10/2025 Reference: 2025-01-081218
Regulation 36 of the Securities Regulations (Periodic and Immediate Reports), 1970
Note: Results of an offering should be reported on form T20 and not on this form. Reporting on rating of BONDS or rating of a corporation should be submitted via form T125
Delayed Report Submission
Issuance of Arbitration Ruling in the ICC Arbitration Proceedings between PSP Investments Ltd (which holds the pumped storage facility in Gilboa) and the operator of the facility
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 version. For more information, please review the legal disclaimer.
Further to the disclosure in Note 11(a)(4)(xvi) of the company's financial statements as of December 31, 2024, which were attached to the company's 2024 periodic report published on March 19, 2025, and amended on March 20, 2025 (references: 2025-01-018268 and 2025-01-018956), regarding ongoing arbitration proceedings before the International Chamber of Commerce (ICC) Arbitration Court following a request submitted by the operator of the pumped storage facility in Gilboa against the project corporation holding the facility – PSP Investments Ltd (PSP), which is held by the company at a rate of 25.5%; the claim was for approx. €24.3 million (as of the date of the request).
The company updates that on October 27, 2025, an arbitration ruling was received, whereby some of the operator's claims against PSP were accepted, alongside the rejection of other claims.
A preliminary review of the arbitration ruling indicates that, regarding the operator's claims that were accepted, PSP was ordered to pay the operator a total accumulated amount of approximately NIS 56 million for the period from the facility's commissioning until December 31, 2024, plus lawful VAT and interest calculated from the dates the liabilities arose until their actual payment. Additionally, the operator's claims regarding the operational agreement provisions, according to which the operator is entitled to receive additional ongoing payments starting January 1, 2025, were accepted. PSP is working on calculating the amount of this entitlement.
Conversely, operator's claims totaling approximately NIS 38.6 million and approximately €4.8 million plus VAT were rejected.
The ruling also determined that each party will bear the arbitration costs equally (costs already paid and reflected in PSP's financial reports) and that each party will bear its own expenses.
As a result of the arbitration ruling, the management of PSP made an initial calculation of its effects and found that PSP will likely have to record an additional expense (provision) of approximately NIS 34 million at least (the company's share: at least NIS 8.7 million) before adding interest (in addition to the previously recorded provision). PSP is considering its options regarding the aforementioned arbitration ruling.
Date: 28/10/2025 Time: 11:48
If the report was delayed – Reason for Delay:
On Date, at Time, the restriction on reporting was removed:
The company is a shell company as defined in the TASE regulations:
[ ]
| No. | Name | Position |
|---|---|---|
| 1 | Yuval Skornik | Chief Executive Officer |
| 2 | Imri Kozak | Other – Deputy CEO, Legal Counselor |
Explanation: According to Regulation 5 of the Periodic and Immediate Reports Regulations (1970), a report submitted under these regulations will be signed by the persons authorized to sign on behalf of the corporation. Staff's position on this matter can be found on the Authority's website: Click here
The corporation's securities are listed for trading on the Tel-Aviv Stock Exchange.
Short Name: SHIKUN & BINUI ENERGY LTD
Address: HaYarden A1, Kiryat Sde HaTeufa, 7019900
Phone: 03-6305780 Fax: 03-6304976
Email: imri\[email protected]
Company website: www.shikunbinui.com/he-IL/energy
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 version. For more information, please review the legal disclaimer.
Electronic Reporter Name: Imri Kozak
Position: Legal Advisor
Address: HaYarden 1A, Kiryat Sde HaTeufa, 7019900
Phone: 03-6301090 Fax: 03-6304976
Email: imri\[email protected]
Form structure last updated on: 06/08/2024
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