Amos Luzon Group Acquires Kohan Properties for $5.3 Million
Translated & summarized from Ice by baba
Businessman Amos Luzon's Luzon Group, partnered with Alpha Giduron, acquired Kohan Properties for approximately 19.5 million shekels. The deal, finalized Friday, sees Luzon Group holding 60% and Alpha Giduron 40%. The acquisition followed a defaulted loan by Mike Kohan to Deka Finance, which then seized the shares. Deka Finance's CEO stated the new ownership by Luzon will stabilize the company.
The story in 5 lines · by baba
- Amos Luzon's group acquired Kohan Properties for approximately 19.5 million shekels.
- Luzon Group will hold 60% of Kohan Properties, with Alpha Giduron holding 40%.
- The deal was finalized Friday and aims to improve the acquired company's profitability.
- The acquisition followed a defaulted loan from Deka Finance to Mike Kohan.
- Deka Finance's CEO expressed confidence in Amos Luzon's ability to manage Kohan Properties.
The Luzon Group, owned by businessman Amos Luzon, in partnership with Alpha Giduron, announced Friday the acquisition of Kohan Properties for approximately 19.5 million shekels (about $5.3 million USD). Luzon will hold a 60% stake in the company, with Alpha Giduron holding the remaining 40%. The deal was finalized upon signing, and the Luzon Group plans to enhance the acquired company's profitability by leveraging its existing assets. The transaction includes a commitment to transfer shares free of any liens or encumbrances.
Following the deal's completion, concerns arose regarding potential defects in the seller's right to the shares. However, the company obtained a legal opinion confirming the seller's right to transfer them. The acquisition stems from a loan provided by Deka Finance, a British financing firm owned by businessman Natanel Lorenz, to Mike Kohan. After Kohan defaulted on the loan, Deka Finance exercised its lien on Kohan Properties' shares.
With the sale of Kohan Properties' shares to the Amos Luzon Group, Deka Finance has recovered the loan. Natanel Lorenz, founder and CEO of Deka Finance, stated that the acquisition of control in Kohan Properties, resulting from the defaulted loan, proved highly beneficial for bondholders who will now benefit from a new controlling owner. Lorenz added that Amos Luzon, owner and CEO of the Luzon Group, a well-known entity in the capital market with financial stability, will bring order to the company's operations and ensure all its obligations are met.
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