Lev Leviev sells remaining Israeli Fox fashion chain stake for $10.5 million


The era of Lev Leviev at Fox-Weizel Ltd. (TASE: FOX) is coming to a close: The controlling shareholder of Africa-Israel Investments (TASE:AFIL) sold his remaining stake in the fashion chain today (4%) for NIS 38 million (about $10.5 million).

The sale was carried out at a share price of NIS 96.5, 1.5% lower than its market price this morning, following a 90% rise in share price over the past year.

Excellence Investments Ltd. (TASE: EXCE) distributed the shares and the buyers were mainly foreign investors.

This sale brings Leviev’s total sales in Fox shares this year to NIS 240 million (about $68.5 million).

A month ago, Leviev sold 8% of Fox for NIS 115 million, and, at the end of January, he sold 7% of Fox to foreign investors for NIS 86 million (about $24.5 million).

Leviev initially invested in Fox nine years ago, through his private company, Memorand. In January, 2005, he bought 10% of the company and, a year later, he exercised his option to buy 10% more.

Sales of Leviev’s stake in Fox this year yielded more 500% on his investment, due to excellent results for the company controlled and managed by Harel Wizel.

In 2013, Fox’s revenue rose by 13% to NIS 1.05 billion (about $300 million), and its net profit rose 15.5% to NIS 95 million (about $27 million).

The company owns the Fox chains, Fox Home, American Eagle, Laline (50%), Billabong (50%), and Sack’s (50%).


Published by Globes [online], Israel business news – www.globes-online.com – on April 24, 2014


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