BREAKING NEWS

Nof Zion sold to Rami Levy, Australian businessman

By GLOBES' CORRESPONDENT

JANUARY 12, 2011 14:42

Digal Investment and Holdings Ltd. (TASE: DIGL) bondholders have withdrawn their support from Palestinian American businessman Bashar Al-Masri in favor of Jerusalem supermarket owner Rami Levy and his partner, which sources inform "Globes" is Australian Jewish businessman Kevin Bermeister, who will buy the company's Nof Zion residential project in eastern Jerusalem.

The struggle for control of Nof Zion opened in December, when "Globes" revealed that Al-Masri was the client of Adv. Dov Weissglass, who bought the project. Digal's bondholders accepted his offer to pay NIS 0.60 per NIS 1 nominal value per bond. The news infuriated Israel's national and religious sector, leading to protests and counter bids. Rami Levy and Bermeister, who founded the file sharing program KAZAA, have now successfully blocked Al-Masri.

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