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Alfred Akirov is again a shareholder in Lender Leumi (TASE: LUMI), by means of Alrov Properties and Lodgings (TASE: ALRPR(, which he controls with a 79% stake. Past Wednesday night time, Alrov participated in a share giving by Bank Leumi, in which it lifted NIS 2.75 billion. Alrov invested NIS 100 million.
For Alrov, this is a return to an investment that for a long time was just one of its most significant investments in an Israeli company. In 2009, the company’s share portfolio was valued at NIS 920 million, mainly consisting of investments in Lender Leumi (NIS 800 million) and Bank Hapoalim (NIS 109 million). In 2019, Alrov held 4.9% of Lender Leumi, but by the finish of 2021 the holding experienced shrunk to NIS 42 million, and it was liquidated altogether in the first quarter of this 12 months.
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In the past two several years, Alrov’s aim has been on Clal Coverage, in which it has a 15% stake, really worth NIS 733 million. Alrov has utilized for a allow to handle Clal Insurance plan, in get to elevate its holding to 30%, but has not nonetheless attained it. It is also early to say whether the financial commitment in Financial institution Leumi represents a decision to forego the attempt to get hold of authorization to manage Clal Insurance policies, but it is surely a sizeable a person, specially in the gentle of the sale of Alrov’s keeping just a few months back.
Altogether, Bank Leumi available 91 million shares, symbolizing 6% of its issued share money. The presenting is meant to guidance the bank’s expansion technique.
Apart from the total lifted, the huge story of the presenting was the obtain by Aaron Frenkel of shares to the tune of NIS 930 million, giving him a 2.1% stake in Financial institution Leumi.
Posted by Globes, Israel business information – en.globes.co.il – on June 26, 2022.
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