KIEV, July 1 – Israel-based Phoenix Insurance Company Ltd. has signed a memorandum of intent with Kiev-based InterTransPolis insurance company on the acquisition of a 50% plus one share stake in the Ukrainian company, InterTransPolis’ press service has reported, with reference to Serhiy Korotenko, the chairman of the company’s board.

He said the company is currently undergoing due diligence procedures - the examination of InterTransPolis’ performance with the involvement of experts in bookkeeping, financial and legal audit. The examination is needed for concluding deals with the company being examined.