Africa-Israel Investments, the conglomerate chaired by Israeli billionaire Lev Leviev, has submitted a draft of a prospectus for an initial public offering of shares in its Russian real estate joint venture Stroicom on the London Stock Exchange (LSE).
Africa-Israel Investments, the conglomerate chaired by Israeli billionaire Lev Leviev, has submitted a draft of a prospectus for an initial public offering of shares in its Russian real estate joint venture Stroicom on the London Stock Exchange (LSE).
Africa-Israel said in a statement on Sunday that Stroicom's assets and planned acquisitions are being evaluated for the offering, but stressed that there is no certainty the IPO will proceed.
In November 2006 Africa-Israel increased its stake in Stroicom from 80-% to 88% in preparation for a possible share offer. Its joint venture partner has not been named publicly. And last week, Africa-Israel reported it is to invest up to $300 mln (EUR 227 mln) in construction projects in Moscow and St. Petersburg. In the first phase of the plan, Africa-Israel's subsidiary, Danya Cebus, and the Russian partner will develop 1,000 homes and a 20,000 m2 commercial centre in the city of Perm.
Leviev was born in Tashkent, Uzbekistan in 1956. He emigrated with his family to Israel in 1971 where he began an apprenticeship at a diamond polishing plant. Since then he has built up an empire with interests in diamonds, real estate, energy, hotels, fashion, and infrastructure.