Confirmed: Rami Levy buys Digal's Nof Zion project

76.81% of the bondholders supported Rami Levy's bid, and 94.31% rejected Al- Palestinian American businessman Bashar Masri's bid.

12 January 11 14:51, Avi Shauly

As "Globes" reported yesterday, the Nof Zion residential project adjacent to Jebel Mukhbar village in east Jerusalem will remain in Jewish hands. Digal Investment and Holdings Ltd. (TASE: DIGL) has published the results of the bondholders' vote. They chose the offer by supermarket owner Rami Levy and his Australian Jewish partner Kevin Bermeister. The bondholders rejected the offer by Palestinian American businessman Bashar Al-Masri under pressure from Israel's national religious community, which threatened to withdraw their money from financial institutions that supported Al-Masri.

The bonds' trustee, Hermetic Trust Services (1975) Ltd., reported that 76.81% of the bondholders supported Rami Levy's bid and that 94.31% rejected Al-Masri's bid.

Yesterday, the institutional investors who hold Digal's bonds said that they had withdrawn their support for Al-Masri, foiling his attempt to take over the Nof Zion residential project as part of a debt settlement with Digal's creditors.

Published by Globes [online], Israel business news - www.globes-online.com - on January 12, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011