Connect with us

Hi, what are you looking for?

Jewish Business News

Money

Shari Arison sells Bank Hapoalim share block

The shares, held by Arison through Salt Industries, were sold on Thursday for $50 million.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

Shari Arison

Shari Arison has liquidated about half the free shares she holds in Bank Hapoalim (TASE: POLI). Last Thursday, 0.62% of the shares in the bank were sold for $50 million, at a price close to the market price. The shares in question were held through Salt Industries, and are not part of the controlling interest in the bank, held through Arison Holdings. The buyers of the shares sold on Thursday were mainly foreign investors.

The Arison group has been considering selling the shares for some time, and in the light of demand from overseas decided to carry out the deal on Thursday.

Following the sale, Salt Industries holds 0.7% of the bank. These shares too will probably be sold later on.

The main aim of the sale is to raise the Arison Group’s liquidity level and reduce its leverage. Salt Industries has a $26 million loan from Bank Leumi (TASE: LUMI). The cash from the sale of shares may well be used to repay some or all of the this loan.

Another possibility is that the cash will be distributed as a dividend to Arison Investments, Salt Industries’ parent company. Bank Hapoalim’s share price has risen by more than 20% in the past year. On Thursday, the bank released good second quarter results, with a profit of $223 million for the quarter.

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

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...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

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...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.