Adv. Eitan Erez, temporary receiver for real estate developer Inbal Or's companies, today applied to the curt for permission to sell Or's 47.7% holdings in the Or City Holdings stock exchange shell.
Erez is also seeking permission to sell Or's rights in an NIS 860,000 perpetual capital note issued to Or by the public company.
In his request, Erez said that the Or City Holdings shell had no activity, and was on the Tel Aviv Stock Exchange (TASE) maintenance list. "The public company is a stock exchange shell as the term is defined in the TASE Rules and Regulations," he wrote.
In February 2015, Or acquired control of the Inventech Central Hotels stock exchange shell. She announced that under the agreement, the company would focus its activity on urban renewal in the real estate sector in the framework of Urban Building Plan 38 and urban renewal programs.
The business of the acquired company was separate from that of Or City Real Estate, which remained a private company, and continued to engage in private development.
Erez also noted that there was a NIS 1 million lien on Or's shares. He is therefore proposing to publish a solicitation for bids to acquire Or's shares in the public company and to conduct a pricing procedure among the various bidders, if necessary. He wants to use the proceeds from sale to repay the debt to the holders of the lien.
Published by Globes [online], Israel business news - www.globes-online.com - on April 20, 2016
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