Amos Luzon Invests Millions in Company Shares Amidst Pay Raise Proposal

Businessman Amos Luzon has significantly increased his stake in his publicly traded companies, investing an additional approximately 440,000 shekels in recent stock purchases. This follows a series of acquisitions throughout the past week across three key firms: Luzon Group, Luzon-Ronson, and Luzon Credit.

Luzon directly acquired 60,000 shares of Luzon Group for about 285,000 shekels, raising his direct ownership to 57.41%. He had previously purchased 40,000 shares of the same company just days earlier. Additionally, his holding company bought 5,000 shares of the Polish real estate development firm Luzon-Ronson for approximately 155,000 shekels, boosting the group's stake to 71.84%.

Luzon Group, valued at roughly 2.24 billion shekels on the Tel Aviv Stock Exchange, operates in contracting, infrastructure, and real estate development in Israel and Poland, and holds a significant stake in the Dorad power station. Major institutional investors like More Investment House and Menora Mivtachim also hold substantial shares in the company.

In the credit sector, Luzon Group holds about 28% of Luzon Credit, formerly the P2P platform Tarya, which is involved in joint mortgage activities with Navoi. Luzon also purchased around 200,000 shekels worth of shares in this company recently.

These stock purchases coincide with a shareholder meeting scheduled for October, where a proposal to extend Luzon's contract and increase his compensation for an additional three years will be voted on. The proposed monthly management fees would rise from 260,000 shekels to 360,000 shekels, a nearly 38% increase, bringing the annual fixed management cost to approximately 4.32 million shekels.