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Kardan is operational mainly in emerging markets where it develops and manages assets and projects in Real Estate and Water Infrastructure. By establishing local platforms in selected markets based on identified demand, economic viability and legal infrastructure, Kardan combines international expertise with local knowledge. Accordingly, Kardan optimizes its opportunities and controls its risks.

In 2007 and 2008, at a time of significant growth, Kardan issued two debentures in Israel, initially to be redeemed between 2013 and 2020. In 2015 Kardan agreed a debt settlement with its debenture holders, entailing a postponement of the majority of the principal payments. In 2017, in order to generate cash to meet the payments in February 2018, the Company initiated the sale process of Tahal. At the beginning of 2018 it became apparent that Kardan would not be able to complete a sale transaction in a manner that would enable it to meet the repayment obligations in February 2018, so the Company engaged with the debenture holders with the aim to reach a new debt settlement. Kardan’s current strategy is therefore primarily focused on the repayment of the debentures through generating cash by selling assets, whilst continuing to also focus on further improving the results of the subsidiaries and therefore their value.