Dor Alon Energy In Israel (1988) Ltd. (TASE:DRAL) made a binding proposal to acquire 21.6% stake in Israel Canada Highways Management Ltd. from Africa-Israel Investments Ltd (TASE:AFIL) on April 23, 2019. Dor Alon Energy will acquire 5626 ordinary shares of Israel Canada Highways Management. In a related transaction, Dor Alon Energy In Israel (1988) Ltd. (TASE:DRAL) made a binding proposal to acquire 56.8% stake in Israel Canada Highways Management Ltd. from Alon Israel Oil Company Ltd. on April 23, 2019. Dor Alon Energy In Israel (1988) will purchase holdings in Israel Canada Highways Management Ltd. and it subsidiaries for a consideration of 64.5% of the following amounts to ILS 336 million and amount of the cash and cash equivalents of all of the subsidiaries as they appear in the consolidated financial statements of Israel Canada as at December 31, 2018.

The proposal has been presented to Africa Investments and to Alon Israel Oil separately, so that even if only one of them accepts the proposal, subject to the fulfillment of the suspending conditions, the transaction will be executed with the offeree who accepted the offer, subject to the required changes in the percentage of the holdings of each of them. The proposal is not subject to due diligence. As of May 19, 2019, the transaction has been approved by the bondholders of Africa-Israel Investments Ltd. The transaction is expected to close on May 1, 2019.