Bino, partners sell 3% of Paz

Zadik Bino has sold NIS 600 million worth of Paz and First International Bank shares within six months.

Zadik Bino is continuing to exploit high prices to sell shares. Today, he and his partners in Paz Oil Company Ltd. (TASE:PZOL), the Liberman and Abeles families of Australia, sold 3% of the company for NIS 140 million. The sales were made at around today's opening price of NIS 565.

The sale follows Bino's sale of 3.6% of Paz for NSI 200 million in March. The share price has risen 30% in the past year, giving a current market cap of NIS 5.7 billion. Following today's sale, Bino and his partners' stake in Paz fell to 52%, worth NIS 3 billion. Bino holds most of the stake (40%) through Bino Holdings Ltd.

In between the two sales of Paz shares, in April Bino also sold 5.2% of First International Bank of Israel (TASE: FTIN) for NIS 268 million. He has sold shares for NIS 600 million within six months.

In the first quarter of 2013, Paz was affected by low oil refining margins and only partial deliveries of natural gas from the emptying Yam Tethys field. Paz's accounting profit fell 32% to NIS 15 million.

Published by Globes [online], Israel business news - - on July 8, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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