Beny Steinmetz in talks to invest in Jerusalem Economy

Eliezer Fishman holds a 66% stake in real estate development company Jerusalem Economy.

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Businessman Beny Steinmetz is in talks to invest in Israeli real estate company Jerusalem Economy Ltd. (TASE: ECJM), controlled by Eliezer Fishman.

Jerusalem Economy is engaged in developing, building and leasing industrial and commercial buildings. The company has a market cap of about $303 million and Fishman holds a 66% stake of equity shares worth about $207.5 million.

After media reports in recent days about the possibility of Steinmetz investing in the company, Jerusalem Economy said, “At the moment there are initial talks with a third party about putting together a deal involving some of the shares held by the controlling shareholder, but these initial talks have not yet formed into any agreement.”

The company said that Fishman would announce if these talks develop into negotiations as part of his obligation to report.

Jerusalem Economy holds several companies including Industrial Building Corporation Ltd, Darban Investments, Mirland Corp. and Sweetland.

The crisis in Russia and the collapse of the ruble have hit the income-producing properties of Mirland and led to a suspension in its bond debt repayments with plans to reach a debt settlement.

Steinmetz is considered one of the richest Israelis with estimated wealth of $2.7 billion.

Eliezer Fishman is the controlling shareholder in “Globes.”

Published by Globes [online], Israel business news – www.globes-online.com

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