BATM sells its administrative building

5th Sep 2016 12:04

(ShareCast News) - Provider of real-time technologies for networking solutions and medical laboratory systems, BATM Advanced Communications, announced on Monday that its fully owned real estate management subsidiary BATM ESHBOLOT has entered into an agreement to sell a wholly owned building situated at Hod Hasharon, Israel.The building houses the administrative function of the group, and the personnel will be moved to a neighboring newly erected building, its board confirmed.The building has been sold to take advantage of the high real-estate prices in Israel."Under the terms of the agreement, BATM will receive a total consideration of ILS 34m, which compares to the building's book value of ILS 22.2m at 31 August," BATM's board said in a statement."As a result, the profits attributable to the transaction amount to ILS 11.8m."Pursuant to the sale agreement, ILS 5.1m is payable on signing of the agreement and the remainder is due 60 days thereafter."Net proceeds of the sale will be added to the cash balance and be used as part of the group's efforts to grow the business."