Kimberly Enterprises reveals new owners and management

22nd Mar 2016 13:20

(ShareCast News) - Tuesday brought completion of a change in the control of Eastern European residential property developer Kimberly Enterprises through a complicated series of share transactions.The AIM-traded firm's board was notified that the transfer of control of 2,871,460 ordinary shares in Engel Resources and Developments (ERD) - held by receivers - to GBES, had been completed.ERD controls Engel General Developers Limited, which owns a 68.35% stake in Kimberly.As a result of the transaction, GBES will hold a 21.9% economic interest in Kimberly and the Gabay Group, an Israeli real estate company, a 21.1% economic interest.GBES will hold 1,738,088 ordinary shares in ERD, representing 32.1% of the voting rights, and the Gabay Group will hold 1,669,927 ordinary shares representing 30.9%.Additionally, the board said the Morris family held a combined economic interest in 28.34% of Kimberly, as the shares held by GBES, as well as a 6.44% interest held by Real Property Investment Guernsey, was held by a discretionary settlement of which certain members of the family were potential beneficiaries.Kimberly's CEO, Liron Or, resigned from the company on Tuesday as well. His role would cease on 31 March 2016 as per the terms of his agreement.