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Scailex Sold 49.4% of Shares Announces Changes in its Principal Shareholders and Management
* Eran Schwartz appointed Chairman of the Board of Directors
* Yahel Shachar, Scailex’s CFO, appointed Chief Executive Officer
* 49.4% of ownership sold to Perochemicals company for $165M
Tel Aviv, Israel – July 18, 2006. Scailex Corporation Ltd. (formerly: Scitex Corporation) (NASDAQ & TASE: SCIX) today announced that its principal shareholders, Clal Industries and Investments Ltd. and Discount Investments Corporation Ltd., informed Scailex that they completed the sale of all of the 18,800,255 Scailex shares held by them, representing approximately 49.4% of Scailex’s outstanding share capital, to a fully owned subsidiary of Israel Petrochemicals Enterprise Ltd. (IPE), an Israeli holding company whose shares are traded on the Tel Aviv Stock Exchange. The shares were acquired for an aggregate purchase price of $165 million, and additional $2.6 million to be paid within 10 business days
from closing due to an adjustment in the purchase price relating to the $12.6 million tax refund received by Scailex (as reported yesterday). The purchase price is subject to certain additional adjustments according to the sale agreement.
In connection with the completion of the transaction, eight of Scailex’s current directors resigned from the Board – Arie Mientkavich, Shimon Alon, Avraham Asheri, Raanan Cohen, Avi Fischer, Nachum Shamir, Shay Livnat and Ophira Rosolio-Aharonson. The following seven new directors joined the Board – Eran Schwartz, Irit Ben-Ami, Dr. Arie Ovadia, Modi Peled, Arie Zief, Arie Silverberg and Shalom Singer, effective immediately. Mr. Eran Schwartz, CEO of IPE, was appointed Chairman of the Board of Directors, replacing Mr. Arie Mientkavich, who served as the Chairman since June 2006. The appointment of the new chairman is currently until December 31, 2006. In addition, Scailex announced that Mr. Yahel Shachar, currently the CFO of Scailex, has been
