FIBI Holdings Ltd. (TASE: FIBI), through which Zadik Bino controls First International Bank of Israel (TASE: FTIN) today sold 5.2% of the bank's shares for a gross NIS 268 million. The sale reduces FIBI's stake in the bank to 48.34%, and increases the public's holding to 25% - the threshold for inclusion on the Tel Aviv 25 Index.
Bino reportedly decided to sell the shares after being approached by several investment institutions.
FIBI said that although the share were sold for NIS 44 million than the price paid for them in 2006-08 (without taking into account NIS 42 million in dividends received), because of how the companyrecords the holding in its books, it will report a loss of NIS 70 million for the first quarter of 2013.
Leader Capital Markets Ltd. (TASE:LDRC) handled the sale of the shares in off-floor transactions.
First International Bank's share price fell 2% by mid-afternoon to NIS 52.10, giving a market cap of NIS 5.3 billion. Turnover was NIS 58.3 million, the biggest turnover so far in the session. FIBI's share price fell 0.5% to NIS 75.80, giving a market cap of NIS 2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on April 3, 2013
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