Türkiye’s Zorlu Enerji sells entire stake in Dorad Energy in Israel
General view of Dorad Energy facilities in Israel. (Photo via Bloomberg HT)
Zorlu Enerji, a Turkish electricity generation and electricity distribution company, and a subsidiary of Zorlu Holding, a multinational conglomerate, has announced the sale of its 25% stake in Israel-based Dorad Energy Limited, resulting in the company no longer holding any shares in Dorad.
In a statement to the Public Disclosure Platform (KAP), Zorlu Enerji said, “In line with the company’s investment policies and strategies, after approximately three months of negotiations, it has been decided to sign a share purchase agreement with the Phoenix Group, based in Israel, for the sale of our entire 25% stake in Dorad Energy Limited.”
‘No longer shares in Dorad’
The statement continued, “The planned share transfer is subject to the approval of the Dorad Board of Directors and will be completed once the necessary legal approvals are obtained and contractual conditions are met, with price adjustments in accordance with contractual terms. Upon completion of the sale, we will no longer hold any shares in Dorad.”
The company also noted that, under the shareholders’ agreement among Dorad’s current partners, there is a pre-emption right for the other partners over 15% of the 25% stake being sold. If the pre-emption right is not exercised, the entire stake will be transferred to the Phoenix Group under the same conditions.
