The fund, managed by Norges Bank Investment Management, did not disclose the companies’ names, saying they will be revealed after the share sales are completed, reflecting heightened scrutiny amid the ongoing Israel-Hamas war.
The decision follows an urgent review launched this month after reports that the fund had built a stake in Israel’s Beit Shemesh Engines, which provides maintenance services to the Israeli military, including fighter jets.
The fund’s ethics council, overseeing its investments, pledged to continue quarterly assessments of Israeli firms. Last week, the fund reported selling stakes in 11 of its 61 Israeli holdings for similar reasons, though it withheld specific names.
Norwegian financial outlet E24 reported that since late June, the fund has offloaded shares in 17 Israeli companies, including Paz, Azorim, Delek Motors, El Al, Energix, eToro, Max Stock, Levinsky Engineering, Priortech, Rami Levy, REIT 1, Retailors, Sela Real Estate, Amos Luzon Group Development and Energy, Firon and Skop Metals—exceeding the 11 divestments announced last week.
The move suggests the six companies named Monday may overlap with this list. In June, Norway’s parliament rejected a proposal to sell all holdings in companies operating in the West Bank, though the fund, which owns stakes in 8,700 global companies, held 65 Israeli firms valued at $1.95 billion by the end of 2024.
The move aligns with a rising trend among European institutional investors to reassess Israel-related investments due to the Gaza war and West Bank settlements.
Reuters noted that, in May, the fund sold its stake in Israeli firm Paz, citing its fuel infrastructure supporting settlements, marking the second divestment after offloading Bezeq shares in December. The ethics council tightened guidelines in August, targeting companies deemed to assist “Israeli activities in the occupied Palestinian territories.”