The Nakash family also owns Arkia Airlines.
Gmul Investment Co. Ltd. (TASE: GMUL), controlled by Leon Recanati, has sold its wholly-owned subsidiary Gmul Hotels Ltd. to the Nakash brothers for NIS 76 million. Gmul owns two hotels: the Tzel Harim Hotel at the Dead Sea and the Mirage Hotel in Eilat.
Joseph, Rafael, and Avi Nakash own Arkia Airlines Ltd. and jeans company Jordache Enterprises Inc. The Antitrust Authority has to approve the acquisition.
Under a debt settlement Gmul reached with its bondholders a year ago, it will pay them 80% of the sale proceeds. The bondholders will get NIS 38 million.
Gmul's share price was unchanged today at NIS 0.74, giving a market cap of NIS 37 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 28, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010