Cielo Blu shareholders approve takeover by Tshuva and Zvida

Yitzhak Tshuva and David Zvida  credit: Tamar Matsafi, Eyal Izhar
Yitzhak Tshuva and David Zvida credit: Tamar Matsafi, Eyal Izhar

Yitzhak Tshuva and David Zvida will reach a 47% holding in the real estate company in exchange for an injection of NIS 110 million.

The shareholders of Cielo Blu (TASE: CILO) (formerly Hanan Mor), mostly the financial institutions that took over the company as part of its debt settlement, have approved by a large majority the allocation to companies controlled by Yitzhak Tshuva and David Zvida of shares that could bring them in two stages to a holding of 47%, in return for the injection of NIS 110 million. Cielo Blue deals in construction of residential and income-producing real estate.

Tshuva and Zvida said in response to the vote: "We thank the shareholders for their big vote of confidence. We believe in the company and its latent potential."

In the third quarter, Cielo Blue made a huge net profit as a result of the completion of the debt settlement, and switched to positive shareholders’ equity of NIS 231 million. The company, which last year buckled under debt of nearly NIS 3 billion, was transferred under the debt settlement to its creditors, and now has two new controlling shareholders in Tshuva and Zvida.

Published by Globes, Israel business news - en.globes.co.il - on December 5, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Yitzhak Tshuva and David Zvida  credit: Tamar Matsafi, Eyal Izhar
Yitzhak Tshuva and David Zvida credit: Tamar Matsafi, Eyal Izhar
Infinity Tower Tel Aviv credit: Courtesy Hagag Group French investors buy 2 Tel Aviv apartments for NIS 27.5m

The two apartments are in Hagag Group's Infinity Tower in the Summeil district.

El Al plane credit: Shutterstock El Al receives state approval to distribute dividend

The Israeli airline has now announced that it will be able to distribute up to 30% of net profit in 2025 and up to 40% in 2026-2028.

Relocation credit: Michal Raz-Haimovitz How to turn the tech relocation tide

With thousands of tech employees leaving Israel, the Innovation Authority proposes measures that could reverse the trend.

groundcover founders credit: Yossi Yarom Israeli observability co groundcover raises $35m

groundcover has developed a “Bring Your Own Cloud” (BYOC) observability solution, redefining the architecture of a modern observability platform.

Tel Aviv Stock Exchange credit: Shutterstock MagioreStock Foreign investment in TASE hits five-year high

Foreign investors have been flocking to the Tel Aviv Stock Exchange in recent weeks, the TASE research department tells "Globes."

Elbit Systems tank turret systems credit: Elbit Systems Elbit Systems wins $100m tank turret systems deal

The Israel defense electronics company will supply its advanced UT30 MK2 unmanned turret systems to General Dynamics European Land Systems (GDELS) to be supplied to a NATO European country.

Tomer Weingarten Photo: PR Trump targets SentinelOne exec in act of revenge

The US administration has suspended the security clearance of the company's chef intelligence and public policy officer Chris Krebs and everyone associated with him.

Tel Aviv Stock Exchange share prices rising credit: Tali Bogdanovsky TASE opens sharply higher after Trump U-turn on tariffs

The pause is being interpreted as a climb down after US President Donald Trump admitted he had made the move to calm the markets.

Ashot Ashkelon credit: Ministry of Defense Up 250%, Ashot Ashkelon wins another Defense Ministry order

The Israeli defense company's share price has risen 250% in the past three years since FIMI Opportunity Funds acquired control.

Liad Agmon credit: Eyal Izhar Insight Partners Liad Agmon steps down as managing partner

Serial entrepreneur Agmon has served as a partner at Insight Partners Israel alongside Daniel Aronovitz who set up the Israel office.

Shekels credit: Shutterstock Vladerina32 Shekel slide resumes amid escalating tariff war

The Bank of Israel is not expected to intervene in the forex market despite the sharp depreciation of the shekel.

Nir Zuk credit: Inbal Marmari Palo Alto Networks mulls buying AI security co for $700m

Sources inform "Globes" that on Palo Alto's radar is Protect AI.

President Donald Trump hosts Prime Minister Benjamin Netanyahu credit: Reuters Kevin Mohatt Israeli officials confident on US tariff concessions

Senior Israeli figures believe that concessions could be tied to progress on strategic regional political issues that are important to President Trump.

Phoenix Investment House CEO Avner Hadad  credit: Tommy Harpaz "The market has priced in all the bad things"

Phoenix Investment House CEO Avner Hadad says US markets could continue to fall, but that we are close to interesting territory for patient investors.

Tel Aviv credit: Shutterstock Tel Aviv slips in World's Wealthiest Cities ranking

Tel Aviv's position as one of the world's wealthiest cities took a big knock over the past year as it slipped from 42nd to 48th in investment advisors Henley & Co.'s "World's Wealthiest Cities" Top 50 ranking.

Leviathan platform  credit: Albatross C'ttee seen recommending no cut in gas exports

The Dayan committee on the future of the gas sector estimates that Israel's natural gas reserves will run out in 2045.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018