Bet Shemesh Engines, managed by the Pimi Fund, is expected to generate a capital gain of $125 million before taxes. This is for vacant land totaling an area of 15 hectacres.
The Bet Shemesh Engines company, controlled by the Pimi Investment Fund, reported to the stock exchange on June 6 about an extraordinary growth engine: 15 hectares of vacant land, listed in the land registry at a value of $1 million. It is expected to generate $125 million before taxes.
Bet Shemesh Engines, which was controlled by the state, was sold in 1992 to Ormat Technologies and later 35% of its shares were purchased by Pimi, currently managed by Yishai Davidi.
Thanks to a process of streamlining and improving operations, its shares have increased in value by tens of percent.
Also on the 7th, its shares reacted to reporting price increases. The company plans to lease a real estate property intended for industry or logistics by the end of 2022.
BSE manufactures and sells parts for jet engines and other industrial items. It recorded a loss in the first quarter and then rebounded to a profit of $1.3 million.
Pimi is considered the most successful fund in Israel and one of the most successful in the world.
For more than 25 years Pimi has bought dozens of medium-sized industrial and logistics companies with an average turnover of $100 million. It then improves these companies’ operations and sells them.