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.
RELATED ARTICLES
Gazit-Globe joins SPAC trend
Gazit-Globe buys in Boston sells in Munich
Norstar to participate in Gazit Globe buyback
Gazit Globe buys out minority stake in European unit Atrium
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.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
