Last week, Azorim Properties acquired half of the Grand Canion Mall from MKH for NIS 100 million.
Gad Zeevi has asked the Haifa District Court to cancel his proceedings against First International Bank of Israel (TASE:FTIN1;FTIN5), and postpone foreclosure of the holdings of controlling shareholder MKH Haifa Shopping Center Ltd., whose parent company is registered in the Virgin Islands, and which fully owned the Grand Canion Mall in Haifa.
Last week, Azorim Properties Ltd. acquired half of the Grand Canion Mall from MKH for NIS 100 million. Zeevi used the proceeds to settle an arrangement with First International Bank for a $23 million debt of companies in northern Israel. Under the arrangement, Zeevi paid $15 million, the rest of the debt was written off, and the bank released MKH’s holdings.
Published by Globes [online], Israel business news - www.globes.co.il - on August 4, 2005