Arab businessman Bashir Al-Masri is seeking to acquire the stake of businessman Meir Shamir in the Diegal Company, which owns the land on which the Nof Zion Jewish development project is located in Jerusalem, according to announcment made to the Tel Aviv Stock Exchange Sunday afternoon. According to the announcement, Shamir asked Yehuda Levi, who has controlling interest in the company, if he intends to exercise his right of first refusal after being contacted by an unidentified investor represented by attorney Dov Weisglass. The investor is apparently Al-Masri, who recently tried to gain control over Nof Zion in an effort to end the Jewish construction and start Arab construction.
Diegal also announced that Bank Leumi had rejected a debt arrangement based on the offer made by Israeli entrepreneur Rami Levi and Australian businessman Kevin Burmeister. The bank said it intends to apply to a court for a receiver to return its debts. The two announcements renew concerns about the Jewish future of the development.