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Photo: Sivan Farag
IDB owner Nochi Dankner
Photo: Sivan Farag

IDB Development sells rest of Clal

Subsidiary of IDB Holding expected to post gain of NIS 22 million from sale of leading investment company to unnamed institution for NIS 223 million

Israel's IDB Development Corp sold its remaining 10.64% stake in Clal Industries and Investments (CII) to an unnamed institution for NIS 223 million ($60 million).

 

IDB said in a statement on Wednesday it sold the stake in an off-market transaction at a price of NIS 13.3 per share, below its closing price of NIS 15 on Tuesday in Tel Aviv.

 

IDB Development will post a gain of NIS 22 million ($5.9 million) from the sale.

 

The deal follows IDB's sale of 49.9% of CII to US-based Access Industries for NIS 1.27 billion ($340 million) last July.

 

CII, with a market value of NIS 2.4 billion ($640 million), is one of Israel's leading investment companies with holdings ranging from manufacturing-oriented activities to technology companies. It also operates units to manage its investments in biotechnology and other venture capital investments.

 

IDB Development is a holding company and subsidiary of IDB Holding, which has said it would take steps to increase its liquidity significantly to pay off a high debt load.

 

 


פרסום ראשון: 03.11.13, 07:54
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