Ampa Ltd. controlling shareholders, brothers Asher and Shlomi Fogel, hope that their seven lean years in the company have come to an end. Ampa today confirmed a "Globes" report from two weeks ago that the Nakash brothers had acquired half the controlling interest in the company.
Papos International Ltd., owned in equal shares by Avi, Joseph, and Ralph Nakash and Ampa's current controlling shareholders, Asher and Shlomi Fogel, yesterday signed an agreement to acquire the controlling shares from Papos Holdings Ltd., which was previously controlled by the Fogel brothers, while the Nakash brothers held a minority interest.
The deal was made possible when the Tel Aviv District Court dismissed a petition for an injunction by Zelma Rubinstein, a minority shareholder in Ampa.
An Ampa spokesman said today that the Nakash brothers planned to inject tens of millions of dollars into Ampa, so it could make new real estate, financial, and other investments over the coming year.
The three Nakash brothers reside in the US. They invested in Ampa through Jordache Enterprises Inc., a leading jeans manufacturer, whose brands include US Polo Association, Maurice Sassoon, and Jordache. Ampa also announced today that the Nakash brothers were active in real estate, recently buying with partners $1.5 billion worth of properties in the US.
The present deal in Ampa apparently replaces the deal reported a few months ago, under which the Nakash brothers were to invest $15-20 million in Ampa Investments subsidiary Ampa Real Estate, in exchange for half of the latter's shares. Following the completion of yesterday's deal, Papos International owns 70% of Grodecki Properties Ltd., which fully owns Ampa. The children of Ampa's founder, Oded Grodecki and Zelma Rubinstein own the 30% of Grodecki Properties.
Published by Globes [online], Israel business news - www.globes.co.il - on January 18, 2005