Ram-On: Polyram has completed an IPO at a value of about...

Ram-On: Polyram has completed an IPO at a value of about...
Ram-On: Polyram has completed an IPO at a value of about...

Ram-On Investments and Holdings, managed by Amit Regev, announced this morning that Polyram Plastic Industries has successfully completed its public offering at a value of approximately NIS 1 billion.

As part of the offering, Ram-On sold approximately 8.6% of the shares in Polyram and another approximately 4.3 million options in exchange for NIS 86 million (approximately NIS 84.6 million less issuance expenses). The future consideration from the exercise of options, granted for a period of 24 months at an exercise price of NIS 12 per share, is expected to amount to approximately NIS 51.6 million.

As a result of the sale of Poliram shares, Ram-On is expected to post an estimated pre-tax capital gain of approximately NIS 50 million in the upcoming reports. The proceeds from the sale offer are expected to be received by the company in the coming days. And Ram-On’s holding in Polyram’s share capital decreased from 35% to 26.4% (approximately 22.1%, assuming full exercise of options).

Ram-On ended the first nine months of 2020 with a total balance sheet of NIS 215.5 million, cash equivalents and short-term financial assets of NIS 37.1 million, equity of NIS 163.8 million, approximately 76% of the total balance sheet.

The company has a dividend distribution policy according to which a dividend of no less than 35% of the company’s net annual profit will be distributed annually. In September, a dividend of NIS 14 million was distributed and in November, the company distributed an additional dividend of NIS 5 million.

The company’s investments in other companies, which are not traded and classified as financial assets, were not affected as a result of the corona crisis and there is even a marked increase in demand for their products, such as the products of classoos and proprep, which are engaged in distance learning.

Progress has also been made in kando, which has a unique technology for monitoring pollutants in sewage, and its success in locating covid19 in sewage systems has gained publicity. The energy company in the co-generation operated by iteeo has a first and successful working project, additional projects in preparation for implementation and a BOT framework agreement with a related company.

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