"Chabbad 770" charity fund purchases Bagir Group with 128 million NIS

Businessman Zvika Barinboim is selling the control of the ZBI company (of which he holds 84%) to the Chabbad 770 B.V. Charity Fund, which is controlled by the Chabbad multi-millionaire from the Ukraine, Alexander Granovsky – for 128 million NIS.

ZBI which was purchased by Barinboim about 7 years ago from Klal Industries, which holds 80% of the public company BGI, holds, among others, about half the capital of shares in the fashion company Bagir Group – producer of a large number of clothing brands (separately from the Bagir company which is run by the Reich family, N.G.) together with the Fimi Fund of Yishai Davidi.

According to the announcement, Alexander Granovsky, the Chabbad philanthrope who serves as the president of World Chabbad and the Jewish community of Odessa, has managed to obtain the necessary funding from European banks for the sake of the deal. The purpose of the Tzedaka fund is handing out donations in Jewish communities in the world from the profits which will be gramted to the fund as share holder in ZBI.

As chairman of the directorate of ZBI, the Chabbad emissary in Odessa and the Rav of Granovsky – Harav Avrohom Wolf, will be appointed. Yossi Shneirson, previously the owner of Kiddy Chic stores, will be appointed as executive manager. The new heads of ZBI are planning to invest in different businesses around the world.

Granovsky is a donor who deals with a wide spectrum of philanthropy. He served in the past as a member of the Ukraine parliament until 2006, and today serves as head of the Jewish community in Odessa. He was mekareved by Chabbad in Odessa.

Zvika Barinboim said today: "I am transferring the control to a top investor, after more than 7 years during which we invested in a conservative way. These investments gave profits of hundreds of thousands of shekels to the group, which were given to the share holders while keeping a balance between their interests and those of the owners of bonds.

"The company has a very high financial stability and is at an excellent timing and standing point to perform future investments by the new controller, who has announced that he has no intention to develop any activity in the Ukraine on the one hand, and on the other hand to invest in activity in the USA".

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