Almogim Holdings: full early redemption of bonds,
Series V, in the amount of approximately NIS 45.9 million

Lior Gottlieb, Investor Relations | 21.02.24

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Almogim, one of Israel's oldest residential construction development and execution companies, under the control of Mario Zozel and Ami Bar-Mashiach, and under the management of Michal Gur, updates on the full early redemption of bonds, series 6, on 08/31/2023, in the amount of approx. NIS 45.9 million.

Releases a surplus flow, net of approximately NIS 60 million from the projects pledged to bonds, series 6

Almogim, one of Israel’s oldest residential construction development and execution companies, under the control of Mario Zozel and Ami Bar-Mashiach, and under the management of Michal Gur, updates on the full early redemption of bonds, series 6, on 08/31/2023, in the amount of approx. NIS 45.9 million.

In November 2020, the company raised bonds, series V in the amount of approximately NIS 73.4 million, and a year later the series was expanded through a private allocation to an institutional investor, in the amount of an additional NIS 16.6 million. The series V bonds are backed by a pledge of surpluses for the Or project Yam and Begin Almogim Hills Haifa project.

Due to faster progress than expected, both in the schedules and execution of the projects and the volume of sales, in the projects, above, pledged to the bonds, series V, the company decided to advance and carry out, earlier than expected, an early and full repayment of the bonds, series V.

During the full early redemption of bonds, series V, surpluses from the aforementioned projects will be released to the company, in the amount of over approximately 105 million shekels (the balance of surpluses in the Or Yam project in the amount of approximately 77 million shekels and the balance of surpluses in respect of the Almogi Hills Haifa project in the amount of approximately – NIS 29 million), thus the surplus flow, net of deducting the full early redemption of bonds, series V, will amount to approximately NIS 60 million.

About corals:
The company operates in the entire value chain – locating and initiating projects, planning, marketing and construction, is one of the oldest residential construction initiation and (self-)execution companies in Israel. Founded in 1986 by Ami Bar Mashiach and Mario Zozel, engineers who graduated from the Technion and have about 40 years of experience in the real estate market.
Since its establishment, the company has initiated and built thousands of housing units and tens of thousands of square meters of income-generating properties in Israel. Today, the company is involved in projects with a total scope of approximately 7,500 units in various stages of execution and planning. The company estimates the expected financial scope of the projects that are in various stages of construction, planning and development at approximately NIS 8.5 billion and an unrecognized profit from them is estimated by it at approximately NIS 1.5 billion.

For more details: Lior Gottlieb, Investor Relations; 050-9200194; lior@gotlive-ir.co.il

¹ Net flow minus full early repayment of bonds, series 6.

To the letter in honor of the Securities Authority and the Tel Aviv Stock Exchange Ltd. >>

Almogim Holdings: full early redemption of bonds, Series V, in the amount of approximately NIS 45.9 million

For more details: Lior Gottlieb, Investor Relations; 050-9200194; lior@gotlive-ir.co.il

Almogim Holdings: full early redemption of bonds,
Series V, in the amount of approximately NIS 45.9 million