LONDON (Alliance News) - MirLand Development Corp PLC on Tuesday said that the shareholding of one of its non-executive directors stands to be reduced as a result of a deal involving a company he controls.
Bank Leumi, listed on on the Tel Aviv Stock Exchange, is selling debt owed by private companies controlled by Mirland Non-Executive Director Eliezer Fishman and his family to the Nakash family and its partners.
The debt being sold is secured over about 40% of the equity of Jerusalem Economy Ltd, a company under Fishman's control. Jerusalem Economy, a real estate company in Israel, held a 30.47% stake in MirLand as of March 16.
The stake in MirLand held by Fishman and his family will be reduced if the deal goes through, according to MirLand's understanding.
Mirland said it was informed of the deal by the chief executive of Jerusalem Economy.
Jerusalem Economy, Industrial Buildings Corporation Ltd and Darban Investments Ltd, which are controlled by Fishman and members of his family, together owned about 85.91% of MirLand on March 16, according to the company's last annual report.
Shares in MirLand were untraded on Tuesday morning in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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