Sivota Plc (GB:SIV) has released an update.
Sivota Plc has announced that its Israeli subsidiary, Apester Limited, is filing for bankruptcy following a significant decline in trading performance. Sivota, which holds a majority stake in Apester, expects to write down the entire value of this investment as the subsidiary’s financial troubles have rendered it incapable of continuing operations. The company is awaiting a bankruptcy hearing in Tel Aviv and anticipates that any recovery from Apester will be immaterial.
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