The court has approved the sale of Israeli packaging company Highcon Systems (HICN) for just NIS 2.5 million, less than five years after it held its IPO on the Tel Aviv Stock Exchange (TASE) for more than NIS 500 million. When the sale is completed, the company will be owned by investors led by Israeli businessmen Roy Ben Yami and Ami Lustig, the owners of the LR Group, through a company that they will set up in the US.
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The court’s ruling comes after the Israel Innovation Authority, which has awarded the company grants over the years, opposed in recent weeks a move promoted by the court-appointed trustee for the company, after it ran into cash flow difficulties at the beginning of the year. Now, after the parties have reached agreements that royalties of up to NIS 3 million will be paid to the Authority, the green light has been given to complete the move.
Highcon develops and manufactures digital die cutting and creasing systems for post print processes in the folding carton and corrugated carton industry. The company held its TASE IPO in December 2020 with high expectations when Highcon chairman Shlomo Nimrodi told “Globes” that the company had developed disruptive technology, which he believed would revolutionize the packaging production market worldwide. Highcon came with prominent investors, including serial entrepreneur Benny Landa, who has extensive experience in the world of printing, and Erel Margalit’s JVP venture capital fund.
Since then, like many tech companies that floated on the TASE at that time, the company’s stock has lost almost all of its value, after it struggled to show significant sales in recent years, while recording heavy losses and negative cash flow.
Published by Globes, Israel business news – en.globes.co.il – on July 29, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
