Micronet Enertec Tech Buys Addl 6.3% Of Micronet; Increases Ownership To 58.6%

(RTTNews) - Micronet Enertec Technologies Inc. (MICT) announced that it, via its wholly owned subsidiary Enertec Electronics, exercised an option and purchased 1.2 million shares of Micronet Ltd constituting 6.3% of the issued and outstanding shares of Micronet Ltd.

The company paid in consideration for the purchased shares a total amount of $925,500 increasing its ownership to 58.6% of the issued and outstanding shares of Micronet Ltd.

The company had the right to purchase 1.2 million shares pursuant to a call option granted to it under an agreement signed on September 7, 2012 and previously reported.