Chaim Katzman, controlling shareholder in holding company Norstar Holdings Inc. (TASE: NSTR), is strengthening his control of the company. Norstar reported today that Katzman had signed a cooperation agreement with contractor Izac Sela, who holds 5% of the voting rights in the company.
Under the agreement, Sela gives Katzman power of attorney to vote his entire stake in the company, including shares or other securities that he buys in the future or transfers to someone else on his behalf. Sela also gives Katzman right of first refusal on Norstar securities that he might wish to sell.
Norstar controls income-producing real estate company Gazit Globe (TASE: GZT). Katzman serves as deputy chairman and CEO of both companies. The agreement with Sela is valid for five years or until one of the parties no longer holds securities of the company, whichever of the two periods is shorter.
Katzman currently holds 29.1% of Norstar, after selling part of his holding to the Israel Canada group (TASE: ISCN), controlled by Barak Rosen and Asaf Touchmair. The sale was intended to prevent a control battle, but, following it, Israel Canada holds 21.8% of Norstar.
Yesterday, at the "Globes" Real Estate Conference, Katzman said, "We are very happy to accept partners in the company, certainly people who have deep understanding, and they have found real value in the company. I am the controlling shareholder, and I'm not going anywhere. A month ago, we closed the Atrium deal, we bought the CAL building on the Korazim site in Givatayim, which is 90,000 square meters on the Light Rail Purple Line. We continue our activity in the US."
Published by Globes, Israel business news - en.globes.co.il - on March 28, 2022.
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