Pointer's Israeli subsidiary acquires 51% in CAR2GO

Pointer's Israeli subsidiary acquires 51% in CAR2GO

In terms of the agreement, CAR2GO will issue 51% of its share capital to Shagrir.

Pointer's subsidiary will grant to CAR2GO a shareholder's loan of up to NIS 6 million.

The founder of CAR2GO will continue to be employed by CAR2GO and contribute to the development of its business.

Car sharing services are considered an alternative for car ownership or taxi services, and are rapidly spreading in urban areas worldwide.

"The investment in this essential service is based on our strategy of increasing our service and subscribers base," said Pointer's chairman, Yossi Ben-Shalom, adding that Pointer will continue to seek interesting investment opportunities with the aim of increasing its business both in Israel and abroad.

Pointer Telocation offers roadside assistance, stolen vehicle recovery and fleet management services.

CAR2GO supplies cars by the hour, anytime, anywhere, with registered members having access to a fleet of diverse vehicles by swiping their smart card on the windshield and driving away. At the end of the reservation period, the car is returned to its reserved parking space.

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