Amos Luzon Boosts Stake in His Real Estate Firms

Amos Luzon has significantly increased his holdings in his publicly traded real estate companies over the past week, acquiring shares worth hundreds of thousands of shekels. Luzon purchased an additional 40,000 shares in Luzon Group for approximately 200,000 shekels, at a price of 5.03 shekels per share. He also bought 5,000 shares in Luzon-Ronson for about 155,000 shekels, at 31.16 shekels each.

Luzon Group, which is involved in contracting, infrastructure, and real estate development in Israel and Poland through Ronson, holds a substantial stake in the Dourad power station and is valued at approximately 2.24 billion shekels. Luzon currently owns 57.36% of Luzon Group. Ronson, focusing on the Polish market, is considered a strong company despite initial challenges, with Luzon Group holding about 71% of its issued capital. Luzon also recently acquired Ronson shares worth around 180,000 shekels.

Additionally, Luzon indirectly holds a stake in Luzon Credit (formerly Triya), a peer-to-peer lending company that has entered the mortgage sector. Luzon Group owns approximately 28% of Luzon Credit, which has a market value of about 220 million shekels. Luzon's holding company purchased shares in Luzon Credit for roughly 200,000 shekels last week.

In parallel, Luzon is expected to receive board approval for an updated salary package. A shareholder meeting in October will consider his compensation terms for the next three years. The proposed increase would raise his monthly fixed management fees from 260,000 shekels (employer cost plus VAT) to 360,000 shekels (employer cost plus VAT). This translates to an annual fixed management cost of 4.32 million shekels, up from the current 3.12 million shekels.