The Israel Securities Authority has demanded clarifications from Electra Ltd. (TASE: ELTR) and Pangaea Real Estate Ltd. (TASE:PNGD) regarding their announcement yesterday that land they bought in Saint Petersburg, Russia, for $100 million in November 2007 was now given a value of $1 billion by Cushman and Wakefield.
The 600-acre section of agricultural land is located 15 kilometers from downtown Saint Petersburg. The Securities Authority has demanded documents relating to the land and the valuation, in view of the ten-fold rise in value in just six months.
Pangaea's share rose 24% yesterday and Electra's rose 3.6%.
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