Indonesia's Sampoerna Group of Companies has sold its remaining stake in Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), four years after first investing in the company, Sampoerna's only investment in Israel.
Sampoerna Capital Pte Ltd. yesterday sold its remaining 10.82% stake in Harel, a month after the Sampoerna family firm sold half of its original holding and ceasing to be part of the controlling core of Harel in an off-floor deal handled by Leader Capital Markets Ltd. (TASE:LDRC).
Sampoerna Capital yesterday sold 2,226,135 Harel shares at NIS 193.80 per share, 4% less than yesterday's closing price, for NIS 431.4 million altogether. The buyers were institutional and other investors. Due to heavy demand, the buyers did not receive their orders in full.
The buyers will not become part of Harel's controlling core, because no single buyer acquired more than a 5% holding in the company.
Last month, Harel's controlling shareholder, the Hamburger family, bought 10% of the company from the Sampoerna family at NIS 145 per share for NIS 300 million.
So far as is known, the Sampoerna Group, one of Southeast Asia's largest companies, initiated the sale of Harel as part of the restructuring of its own international investments in order to focus on Indonesia and China by reducing financial holdings in other countries.
Harel's share price fell 2.4% by midday to NIS 196.90, giving a market cap of NIS 4.15 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2010
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