Business Briefs


STARTING ‘EM YOUNG: 19 year old Jewish kid is investing $20 million in a new oil venture – granted though he is the eldest son of Russian billionaire and Chelsea football club owner Roman Abramovich. Nevertheless, Arkadiy Abramovich is injecting $20m (£13.4m) into a new oil venture as part of a complex deal involving Aim shell company Zoltav Resources.  “Abramovich, 19, reportedly works as an intern at the London office of a Russian investment bank and this is thought to be his first big oil deal as he looks to make his mark in the Russian energy sector. Mr Abramovich Jr. is channelling the money to Zoltav through his private holding company, ARA Capital, which currently holds a 38.6 per cent interest in Zoltav.” Arkadiy, despite his young age, was rumored to be bidding to purchase the Danish football club FC Copenhagen in 2010 although the effort turned out to be unsuccessful. [Investors Chronicle]

Leviev sells Russian language cable station for $6.5m: Lev Leviev is selling Israel’s Russian language cable station, Channel 9 to his partner Alexander Levin. “Africa-Israel Investments Ltd., which Leviev controls, today notified the Tel Aviv Stock Exchange that it and Leviev have sold their 48% stake in Channel 9 franchisee Vash Telekanal Ltd. for $6.5 million including their $540,000 owners loan to the company to their partner in it. The sale price is substantially higher than the estimated value of Vash Telekanal. Over the years, Leviev invested NIS 150 million in the station, half personally and half through Africa-Israel. The station lost money during most of its years in operation. Since the station was not a core business, Leviev has been seeking a new investor in it for years, but could not find a buyer confident in an ads-based cable station in these hard times. [Globes]

Sam Nazarian expands SLS hotel chain in China: Nazarian’s SBE (Sammy Boy Entertainment) hospitality company is expanding its SLS (Style, Luxury, Service) Hotels brand into China. “The L.A.-based SBE will open its first SLS Hotel in Shanghai in 2014 and plans to open SLS Hotels in Beijing, Wuxi and Kunming by 2015 and locations in additional Chinese markets after 2015.” [Wall Street Journal]

 


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