Connect with us

Hi, what are you looking for?

Jewish Business News

Money

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

lev-leviev
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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

empty

The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

Business

Now Platika joins and elite club of $10 billion plus Israeli firms.

Advertisement