Digal company to discuss ownership of Nof Zion neighborhood

December 27, 2010 19:08


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

The Digal company's bondholders are set to meet with Dov Weisglass on Tuesday in Tel Aviv in the latest move to determine who will own half the struggling company's flagship development, a national religious neighborhood called Nof Zion located in the Arab neighborhood of Jebl Mukaber in east Jerusalem.

The hostile takeover of Digal was negotiated by Weisglass, the director of Ariel Sharon’s bureau when Sharon was prime minister, representing a Palestinian-American businessman, identified by Globes Financial Times as as Bashar Al-Masri, who is also behind the Palestinian development of Rawadi, north of Ramallah.

Bemunah, a national religious contractor who oversees dozens of projects across the country, mounted a counter-offer that is lower by NIS 15 million but are pressuring Bank Leumi, who holds Digal's debt, to accept their offer because of "national Zionistic reasons," according to Bemunah CEO Israel Zeira.

Digal's bondholders have already accepted Weisglass's client's offer, and Tuesday's meetings are part of the ongoing negotiations, while Bemunah scrambles to convince Bank Leumi to accept their counteroffer.

Related Content

Breaking news
July 18, 2018
U.S. asks court to detain alleged Russian agent pending trial