Businessman Yitzhak Tshuva today announced that he was bidding for outstanding shares of Green Venture Capital at a price of NIS 1.70 per share, about 55% above market. The bid was issued by Sharon-Tshuva Investments, a company owned entirely by Tshuva.

Shares of Green Venture Capital have lost 99% of their value from their highs during the Internet boom. Two weeks ago, the company warned in its quarterly report that its business development depended on financing from Tshuva, who owns about 76% of Green via direct and indirect holdings.

“If the owner does not provide the company with financing, there is no guarantee the company will be able to continue developing its business… According to management's assessment, and judging by past experience, the controlling shareholder will put up the money to enable the company to meet its obligations," Green said in the report.

Green's quarterly loss amounted to NIS 35.2 million, compared with NIS 32.8 million in the corresponding quarter last year. Financing expenses totaled NIS 17.6 million in the quarter and NIS 49.2 million in the first half of the year. Of this sum, NIS 3.87 million was a write-down for Liberate.

Green owes the banks NIS 341 million, mostly in long-term credit to Bank Leumi. During this period, Green received a NIS 4 million loan from Yitzhak Tshuva.

The company currently operates through a number of TASE-listed venture capital funds that it acquired in recent years. The most prominent is Mofet, which specializes in high-tech investments, in which Green holds 51%. Green also holds 33% of the Marathon Venture Capital Fund, 16% of Sadot Research and Development (LSE: SDT), about 25% of Inventech Investment Co., and 28% of Aura Investments.