Azrieli Group Ltd. (TASE: AZRG) controlling shareholder David Azrieli has donated 5.7% of his shares in the company to the Azrieli Foundation. He donated 6.9 million shares of Azrieli Group, currently worth NIS 800 million, and also donated the right to receive dividends. The transfer makes the Azrieli Foundation a party at interest in the Azrieli Group.
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Azrieli Group said that David Azrieli decided to donate shares as the right model for supporting philanthropic activity to enable foundations to manage a long-term strategy for fulfilling their vision and missions. He sees this as a way of teaching a man to fish, rather than distributing fishes, and said that the Azrieli family was committed to supporting philanthropy in Israel in the future.
In 2013, the Azrieli family donated to NIS 50 million to the Weizmann Institute of Science, Tel Aviv University, the Technion Israel Institute of Technology, the Jerusalem College of Engineering, and other institutions. The Azrieli Group has made NIS 400 million (about $114 million) in donations in recent years. The Azrieli family manages its philanthropy through two foundations: one in Israel managed by Azrieli Group vice chairwoman Danna Azrieli; the other in Canada managed by Naomi Azrieli.
Published by Globes [online], Israel business news – www.globes-online.com