Jerusalem Economy Ltd. cancelled the sale of 48 properties in Switzerland.
As of December 23, 2012, Jerusalem Economy signed a revised letter of intent to sell 48 properties in Switzerland. Under the new terms, Jerusalem Economy will receive CHF 60 million as consideration. The buyer has made a CHF 15 million down payment, which has been put in a trust account, and will pay the rest of CHF 45 million in three installments by August 31, 2013. On January 31, 2013, a detailed sale agreement was signed by Jerusalem Economy Ltd. for the sale of 48 properties in Switzerland. Upon signing of the agreement, Jerusalem Economy received another CHF 5 million of the consideration. The balance of the consideration in an amount of CHF 40 million will be paid in two installments up to completion of the transaction to be carried out no later than August 31, 2013.
Jerusalem Economy Ltd. (TASE:ECJM) cancelled the sale of 48 properties in Switzerland on January 17, 2014.