Zorlu Holding's decision regarding its investments in Israel

Zorlu Energy has notified the Public Disclosure Platform (KAP) that it has taken action to transfer its 25% stake in its Israeli subsidiary, Dorad Energy Limited.

As reported by Sözcü, following negotiations that lasted approximately three months, an agreement has been reached to sell the shares to the Israel-based Phoenix Group. It was stated that the approval of the Dorad Board of Directors and the fulfillment of necessary legal procedures are required for the sale transaction to be completed.

KAP STATEMENT

In the statement made to KAP, it was expressed that upon the completion of the process, Zorlu Energy will transfer all of its shares in Dorad and will no longer have any partnership in the company.

Furthermore, it was emphasized that according to the existing shareholders' agreement, other shareholders have a right of first refusal for 15% of the 25% stake. If this right is not exercised, all of the shares will pass to the Phoenix Group under the same terms.

'OUR SHAREHOLDERSHIP WILL END'

Zorlu Energy made the following statement regarding the share transfer:

"We had transferred our stakes in the Ashdod and Ramat Negev Natural Gas Power Plants in Israel, where we have been a minority shareholder since 2003, last year. In line with the decision of our Board of Directors dated 04.03.2025, and within the framework of the Zorlu Group's investment strategies, we have signed a Share Purchase Agreement to transfer all of our 25% shares in Dorad Energy Ltd. to the Phoenix Group. The agreement reached after three months of discussions will come into effect upon obtaining the necessary legal approvals and completing the price adjustments specified in the contract. With this transaction, our share ownership in Dorad will end.”

The statement also emphasized that if the existing shareholders do not exercise their right of first refusal, all shares will be transferred to the Phoenix Group, and with this sale, Zorlu Energy will have completely exited its energy investments in Israel.

News Source: 12punto