Azorim Struggles Under Debt

Azorim announced last week it completed a NIS 250 million rights issue to shareholders led by Leumi Partners Underwriters.

Two years after its rescue by Canadian investor Hershey Friedman, Azorim Investment Development & Construction Company is making strides toward financial stability. The company had been left in terrible shape by four years under the control of Shaya Boymelgreen when it indulged in the aggressive and highly leveraged acquisition of properties in Israel and Eastern Europe at inflated prices.