Digal company to discuss ownership of Nof Zion neighborhood

By MELANIE LIDMAN
December 27, 2010 19:08

 
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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.

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