Geahon Holdings Sells Shares for $20 Million to Repay Bond Debt
Translated & summarized from Bizportal by baba
Geahon Holdings sold approximately 4 million shares of Geahon Group for 75 million shekels to investment firm More to repay bond debt. The sale reduces the company's leverage while maintaining control of its subsidiary. Other controlling shareholders also sold shares, bringing the total transaction value to 100 million shekels.
The story in 5 lines · by baba
- Geahon Holdings sold shares for 75 million shekels to reduce debt.
- The sale allows for early repayment of Series E bonds.
- Geahon Holdings will retain a 55% controlling stake in Geahon Group.
- Investment firm More purchased the shares.
- Total share sales in the transaction amounted to 100 million shekels.
Geahon Holdings has sold approximately 4 million shares of Geahon Group for about 75 million shekels (approximately $20 million) to investment firm More.
The sale is intended to reduce Geahon Holdings' debt, allowing it to fully repay its Series E bonds ahead of schedule. This move decreases the company's leverage without relinquishing control of its subsidiary.
The shares were sold at 18.7 shekels per share, representing about 8.8% of Geahon Group's equity. Following the transaction, Geahon Holdings will retain approximately 55% ownership, maintaining its controlling stake while reducing its overall holding.
The deal is part of a broader trend of investments by More and other firms in private placements within both public and private companies. More has recently invested in SunFlower, Anylimited, Taguvor, and Afcon.
In addition to Geahon Holdings' sale, other controlling shareholders, Challenge and Guy Regev, also sold shares worth approximately 25 million shekels at the same price per share. The total value of shares sold in this transaction reached about 100 million shekels.
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