Published On: Thu, Oct 10th, 2013

Zadik Bino sells Paz shares for NIS 300 million ($83.3 million)


The latest sale of Paz shares follows a sale in July by Bino and his partners, and Bino’s sale of shares in March.

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Paz Oil Company Ltd. (TASE:PZOL) controlling shareholder Zadik Bino has sold shares in the company at NIS 570 per share for a total of NIS 300 million ($83.3 million). Prior to today’s sale Bino owned 39% of Paz through Bino Holdings Ltd. Paz’s share price opened at NIS 575 today, and fell 4.9% in morning trading on a turnover of NIS 291 million ($80.8 million).

The latest sale of Paz shares follows a sale in July by Bino and his partners, the Abeles and Liberman families of Australia. They exploited Paz’s high share price to sell 3% of the company for NIS 140 million. In March, Bino sold Paz shares for NIS 200 million.

Over this period, in April, Bino also sold 5.2% of First International Bank of Israel (TASE: FTIN), which he controls through FIBI Holdings Ltd. (TASE: FIBI), for NIS 258 million. Altogether, he made a gross NIS 600 million in the sales of shares over six months.

Published by www.globes-online.com 

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