The Africa-Israel chairman bought 45,200 shares at NIS 376.40 per share, for a total of NIS 17 million.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK), controlled by chairman Lev Leviev, is exploiting the low share price for the company to buy back shares. The move is also intended as a vote of confidence in the company.
Leviev bought 45,200 shares at NIS 376.40 per share, for a total of NIS 17 million.
Africa-Israel has fallen 10% in line with the recent market slump, including a 7% fall on Sunday. The share has been affected by the fall in its subsidiary, AFI Development plc (LSE:AFID), losing 33% since the latter’s IPO in May. The share rose 2% yesterday and another 3.2% today.
Leviev has often valued Africa-Israel for more than its market cap. Earlier this year, he said that the company was worth NIS 7 billion. The share rose 256% between January 2006 and May 2007.
Published by Globes [online], Israel business news - www.globes.co.il - on July 31, 2007
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