Shareholders of Cielo Blu (TASE: CILO) (formerly Hanan Mor), most of whom are financial institutions that acquired the company as part of its debt settlement, have overwhelmingly approved the allotment to companies controlled by Yitzhak Tshuva and David Zveda of Cielo Blu. Shares that can reach 47% in two stages, in exchange for an injection of 110 million shekels. Cielo Blue is engaged in the construction of residential and income generating properties.
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“We thank shareholders for their great vote of confidence. We believe in the company and its potential,” Tshuva and Zveda said in response to the vote.
In the third quarter, Cielo Blue achieved huge net profits as a result of completing the debt settlement, and turned into positive shareholders’ equity of NIS 231 million. The company, which last year sank under nearly NIS 3 billion in debt, was transferred under a debt settlement to its creditors, and now has two new controlling shareholders in Tshuva and Zveda.
Published by Globes, Israel Business News – en.globes.co.il – on December 5, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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