Pointer Telocation Completes Acquisition Of Shagrir Systems - Quick Facts

(RTTNews) - Pointer Telocation Ltd. (PNTR), a developer, manufacturer and operator of Mobile Resource Management, said it has completed its previously announced acquisition of the 45.5 percent interest in Shagrir Systems Ltd. that it did not previously own, including Shagrir's management portion.

Pointer now owns 100 percent and has fully consolidated the share capital of Shagrir.

Pointer paid an aggregate of NIS 27 million using credit facilities from banking institutions and issued 994,357 ordinary shares to Shagrir's selling shareholders, representing 15.2 percent of the issued share capital of Pointer.

Shagrir provides Mobile Resource Management and roadside assistance services for the automotive industry, including towing services and mobile automobile repair services primarily in Israel. The company also offers car sharing services via Car2Go in urban areas throughout Israel.