Inbar Group switches to electric bikes
Incoming controlling shareholders will be Blitz Electric Motors, which has developed a light battery for electric bikes with a longer range.
Israeli company Inbar Group Finance (TASE: INBR) saw its share price jump 60% over the past week after announcing that it had signed an agreement to enter the electric bike sector. 60% of its shares will be allocated to the incoming company after Inbar Group s previous activities in stock and derivatives trading collapsed earlier this year when market fell sharply at the start of the Covid-19 crisis.
The incoming controlling shareholders are Blitz Electric Motors, which according to Inbar Group is engaged in manufacturing and marketing electric bikes. Blitz holds unique technology for which a patent has been applied for of a light battery, which is easy to recharge and safe for charging electric bicycles, which can be ridden for a longer journeys.