Alfred Akirov is all over again a shareholder in Financial institution Leumi (TASE: LUMI), by means of Alrov Attributes and Lodgings (TASE: ALRPR(, which he controls with a 79% stake. Past Wednesday night, Alrov participated in a share presenting by Financial institution Leumi, in which it elevated NIS 2.75 billion. Alrov invested NIS 100 million.

For Alrov, this is a return to an financial commitment that for a long time was 1 of its most significant investments in an Israeli corporation. In 2009, the company’s share portfolio was valued at NIS 920 million, typically consisting of investments in Lender Leumi (NIS 800 million) and Lender Hapoalim (NIS 109 million). In 2019, Alrov held 4.9% of Financial institution Leumi, but by the conclusion of 2021 the keeping had shrunk to NIS 42 million, and it was liquidated entirely in the first quarter of this 12 months.




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Aaron Frenkel purchases Leumi shares for NIS 930m



Clal Insurance policies mulls providing to thwart Akirov takeover







In the earlier two several years, Alrov’s concentrate has been on Clal Insurance, in which it has a 15% stake, well worth NIS 733 million. Alrov has applied for a permit to control Clal Insurance policy, in order to elevate its keeping to 30%, but has not nevertheless obtained it. It is way too early to say whether or not the financial commitment in Financial institution Leumi signifies a decision to forego the try to obtain permission to handle Clal Insurance coverage, but it is undoubtedly a substantial a single, primarily in the gentle of the sale of Alrov’s keeping just a few months in the past.

Altogether, Financial institution Leumi provided 91 million shares, representing 6% of its issued share cash. The presenting is meant to help the bank’s advancement system.

Aside from the sum raised, the large story of the offering was the order by Aaron Frenkel of shares to the tune of NIS 930 million, providing him a 2.1% stake in Bank Leumi.

Printed by Globes, Israel organization information – en.globes.co.il – on June 26, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.



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