Some parties at interest in fixed mobile convergence solutions developer MobileMax Technologies Ltd. (TASE:MBMX) are expressing their confidence in the company by buying 4.2 million shares for NIS 4 million in off-floor deals. The deals were made at NIS 0.95 per share, a discount on the opening price of NIS 1.04.
Leon Recanati, Yoav Harlap, Arie Saban's Far East, and MobileMax managers bought the shares from Creslin Ltd., a US company which was the largest shareholder in the company with a 17.5% stake. Creslin sold six million shares, reducing its stake to 3.74% of the company, and is no longer a party at interest in it. Creslin sold the share because it is quitting the telecommunications business. The other parties at interest and MobileMax managers bought 70% of the shares sold, and the public bought the other 30%.
MobileMax's share price rose 18.4% to NIS 1.19, giving a market cap of NIS 50 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 29, 2010
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