20th May 2015 14:05
LONDON (Alliance News) - Kimberly Enterprises NV Wednesday said that a majority stake in its own majority shareholder that had fallen into the hands of receivers last year is set to be sold to Tazlina Global Ltd and Gabay Group after they reached a conditional deal with the receivers.
In February 2014, real estate investor Kimberly Enterprises had said that 2.87 million shares held by GBES Ltd in Engel Resources and Development Ltd, which represented a 53% stake, were transferred to attorneys Yuri Nechustan and Eyal Neiger. The attorneys were appointed receivers for the shares which had been pledged as security for a loan that GBES had entered into.
Engel Resources and Development controls Engel General Developers Ltd, which has a 68.35% stake in Kimberly Enterprises.
On Wednesday, Kimberly said the receivers for the 53% stake in Engel Resources and Development had reached a conditional agreement to sell those shares to Tazlina Golbal Ltd and Gabay Group. The deal needs to be approved by the district court, and get the approval of Engel Resources and Development's bondholders and its financing banks.
Kimberly said it would make a further announcement in due course.
Its shares were untraded in London Wednesdat. The stock last traded at 0.200 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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