October 13, 2009 (FinancialWire) — Elbit Imaging Ltd. (NASDAQ: EMITF) said it has sold a total of 4,794,292 ordinary shares of it subsidiary, Plaza Centers N.V. to a number of Polish institutional investors.

The aggregate consideration for the shares sold by Elbit is around $10.6 million, representing a price of 6.5 Polish Zlotys per share, compared to the Warsaw Stock Exchange closing price for the shares on October 9 of 6.6 PLN per share.

Elbit said it originally bought the shares for a total consideration of around $4.6 million, representing an average price of GBP0.61 per share. As result of this transaction, Elbit will generate a net cash flow of around $6.0 million.

Plaza also sold 14.5 million of its shares for around $32.5 million, representing a price of 6.5 PLN per share to the Polish investors.

These shares were originally repurchased by Plaza for around $12.2 million.

Israel-based Elbit Imaging owns, builds and manages shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India.

The company owns and manages hotels in European cities, and is engaged in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, among other activities.

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