Shikun & Binui's Chief Financial Officer Tal Raz Announced his Intention to Resign his Position

AIRPORT CITY, Israel, Dec. 24, 2018 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, today announced  that Chief Financial Officer, Mr. Tal Raz, has announced his intention to resign from his position. Raz served as the Group's CFO for the past six years, and was in charge of the Group's financial management.

As part of his tenure, Raz led countless fund raises at the Group, together with purchase and sale transactions, and financial closures of mega-projects in which the Group was involved. In addition, Raz took an active part in the Group's relationship with institutional investors, banks, rating companies and the capital markets in both Israel and internationally.

Tamir Cohen, Chairman of the Shikun & Binui Group, "I would like to thank Tal Raz for his long string of achievements, in which he helped promote the Group's business. I wish him much success in all his future endeavors."

Moshe Lahmani, Chief Executive Officer of the Shikun & Binui Group, "I would like to thank Tal for six years of meeting challenges and taking action. Over Tal's tenure, we faced a number of challenges in the markets in which we operate, and Tal always knew how to navigate wisely and efficiently. Tal will continue to serve in his job until we indentify a replacement and conclude an orderly overlap period."

Tal Raz, CFO of Shikun & Binui, "After six years of professional development, broad new experiences and meeting significant challenges, I have decided to end my tenure at the Company. I feel that it is time to further my personal development, and that in my current position, I have reached the full potential. We have gone through six challenging years. We have raised debt and capital amounting to billions of shekels, we have successfully realized assets, strengthened ties with the capital market, banks, institutional investors and rating companies, while successfully and correctly managing the Group's cash flow in a challenging market. I would like to thank the Chairman of the Board, both past and present members of the Board of Directors, the management team and all the employees for our shared, both challenging, as well as meaningful, period."

About the Shikun & Binui Group
The Shikun & Binui Group is a global construction and infrastructure company that operates in Israel and internationally in seven segments: 1) infrastructure and construction contracting outside of Israel; 2) infrastructure and construction contracting within Israel; 3) real estate development within Israel; 4) real estate development outside of Israel; 5) renewable energy; and 6) concessions. The Group's activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.

This summary announcement was prepared solely for the convenience of the reader and does not replace Shikun & Binui Ltd.'s (hereafter – "the Company") full report. The information contained in this announcement is, by its nature, incomplete. All of its contents are provided as a supplement to the Company's report, and are subject to the declarations therein stated. This announcement includes forecasts, assessments, estimates and other information relating to the Company or its subsidiaries, or to other parties or to future events and matters, the extent of whose realization is not certain and is not under the sole control of the Company (forward-looking information, as defined in the Securities Law-1968). The key facts and data serving as the basis for this information are facts and data, among others, related to the current status of the Company and its businesses, facts and data relating to the current status of the operating segments in which the Company engages in its areas of operation, and other macroeconomic facts and data known to the Company on the preparation date of this presentation.

It is understood that forward-looking information does not constitute a fact and is based solely on subjective assessments. Forward-looking information is uncertain and for the most part, is not under the Company's control. The realization or non-realization of the forward-looking information will be influenced, among others, by the risk factors that characterize the Company's operations, as well as developments in the general environment and external factors that impact the Company's operations. The Company's future results and achievements could differ significantly from those presented in this presentation. The Company is not obligated to update or modify the said forecast or assessment, and is not obligated to update this announcement. This announcement does not constitute an offer to purchase the Company's securities or an invitation to receive such offers. An investment in securities in general, and in the Company in particular, carries risk. One must take into account that past data do not necessarily indicate future performance.

IR Contacts:

Company
Inbal Uliansky
+972(3) 630-1058
     

External IR
Ehud Helft, GK Investor Relations
+1-646-201-9246