Nof Zion 248.88 courtesy.
(photo credit: Courtesy)
The Globes disclosure of the Palestinian identity of the expected buyer of Digal
Investment and Holdings Ltd., through a debt settlement, has aroused a storm
among Israeli national-religious groups.
Bemuna Ltd., owned by Israel
Zeira, which develops neighborhoods for this community around the country, plans
to submit an offer to purchase Digal’s flagship residential project, Nof Zion,
Nof Zion, a luxury project, is located near the Armon
Hanatziv Promenade and is essentially Digal’s only project.
announced on its website that it plans to organize a buyers group “to save Nof
Zion” and “stop the hostile takeover by lawyer Dov Weissglass.”
buyers group will offer to buy the remaining land in the Nof Zion project, zoned
for 180 apartments, for NIS 50 million, reflecting a price of NIS 275,000 per
land per apartment.
“We want to keep the land in Israeli hands and not
have it sold to Palestinians,” Zeira told Globes.
Bemuna said: “The offer
submitted by lawyer Dov Weissglass represents a Palestinian Arab, whose main
wish in acquiring the company is to transfer the Nof Zion land from Jewish hands
to Palestinian hands.”
On Tuesday, Digal’s bondholders chose an offer by
a businessman represented by Weissglass as the basis for the company’s debt
The businessman operates through a Cypriot registered
company, Techsal Trading Ltd.
Globes found out that the businessman is a
Palestinian with a US passport.
The offer chosen by Digal’s bondholder
includes a NIS 36m. cash payment at NIS 0.60 per NIS 1 par value bond. The buyer
plans to convert the bonds into shares and delist Digal from the
“This is camouflage,” Zeira said. “We want to buy the land through
a new company set up for this purpose and which will be fully owned by the
investors through acquisition. Alternatively, we’ll bid to buy the bonds instead
of the present offer.”
The minimum investment for a member of the buyers
group is NIS 320,000 (the value of the land for an apartment in the project).
Yitzhak Meron, a lawyer who is organizing the buyers group, said he had already
contacted Digal with an offer.