August 7, 2018 / 7:00 AM / a year ago

Saidoff takes control of Israel's Shikun & Binui construction firm

JERUSALEM (Reuters) - U.S.-Israeli businessman Naty Saidoff on Tuesday took control of Israel’s largest construction firm Shikun & Binui Ltd, completing a deal with Arison Investments.

Arison, which controlled the construction firm since 2007, agreed in June to sell its 47.5 percent stake to Saidoff for 1.1 billion shekels ($297 million).

Shikun & Binui, which has a market capitalization of 2.88 billion shekels, said in February that four current and former employees of the foreign subsidiary had been detained for questioning by Israeli police on suspicion of bribery in Africa.

“We will continue to develop our operations in Israel and internationally,” Saidoff said. “My goal is to maintain managerial stability at the company, while placing high priority on continuity of professional and financial activity across all the countries in which Shikun & Binui operates.”

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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