Tomer Food Importer Returns to Stock Exchange After Inventory Scandal
Translated & summarized from TheMarker by baba
Food importer Tomer resumed trading on the Tel Aviv Stock Exchange today after a two-month suspension due to an investigation into inflated inventory and profits. Controlling shareholder Doron Kimelov will remain CEO with a reduced salary, while Riviv Brookmeyer takes over as chairman. The company's stock fell 15% at the market's open.
The story in 5 lines · by baba
- Tomer Food Importer resumed trading on the Tel Aviv Stock Exchange after a two-month suspension.
- An investigation found controlling shareholder Doron Kimelov artificially inflated inventory and profits.
- Doron Kimelov will continue as CEO but with a reduced salary and bonuses.
- Riviv Brookmeyer was appointed as the new chairman of the company.
- Tomer's stock price plummeted 15% at the start of trading.
The food importer Tomer is resuming trading on the Tel Aviv Stock Exchange today, nearly two months after its stock was suspended. The suspension followed the re-publication of financial reports and findings from an investigation that determined controlling shareholder Doron Kimelov artificially inflated the company's inventory and profits. Kimelov will remain as CEO, but his salary will be reduced and he will forgo some bonuses. Riviv Brookmeyer has been appointed as the new chairman, replacing Kimelov in that role. Brookmeyer currently serves as deputy chairman of Extra Retail, the private retail arm of Alon Blue Square Group, which is controlled by Moti Ben-Moshe. Previously, he was CEO of Wissotzky and Golf.
In early trading, Tomer's stock dropped 15%.
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