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Alfred Akirov returns to investment in Bank Leumi

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Alfred Akirov is all over again a shareholder in Bank Leumi (TASE: LUMI), via Alrov Houses and Lodgings (TASE: ALRPR(, which he controls with a 79% stake. Last Wednesday night, Alrov participated in a share offering by Bank Leumi, in which it raised NIS 2.75 billion. Alrov invested NIS 100 million.

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For Alrov, this is a return to an investment that for decades was 1 of its greatest investments in an Israeli enterprise. In 2009, the company’s share portfolio was valued at NIS 920 million, generally consisting of investments in Bank Leumi (NIS 800 million) and Financial institution Hapoalim (NIS 109 million). In 2019, Alrov held 4.9% of Financial institution Leumi, but by the finish of 2021 the keeping experienced shrunk to NIS 42 million, and it was liquidated altogether in the first quarter of this year.

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In the past two yrs, Alrov’s emphasis has been on Clal Insurance policies, in which it has a 15% stake, worthy of NIS 733 million. Alrov has used for a allow to regulate Clal Insurance plan, in order to increase its holding to 30%, but has not but acquired it. It is much too early to say no matter if the investment in Bank Leumi signifies a conclusion to forego the endeavor to obtain authorization to command Clal Coverage, but it is definitely a considerable one, in particular in the mild of the sale of Alrov’s holding just a handful of months in the past.

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Completely, Bank Leumi available 91 million shares, symbolizing 6% of its issued share cash. The featuring is intended to help the bank’s development strategy.

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Aside from the total elevated, the significant story of the providing was the obtain by Aaron Frenkel of shares to the tune of NIS 930 million, supplying him a 2.1% stake in Financial institution Leumi.

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

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

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