Delek Group CEO Asi Bartfeld said that sale of the insurance company's shares is part of the policy of focusing more on energy and gas.
Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, has sold shares in the The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) worth NIS 90 million. Delek is the controlling shareholder in Phoenix with a 52.8% stake worth NIS 1.54 billion.
The Phoenix shares were sold at a price of NIS 12.80 per share, lower than the price of NIS 12.90 on the TASE this morning. The insurance company's shares have risen 48% over the past 12 months.
Delek Group CEO Asi Bartfeld said that the sale is part of the company's policy of focusing more on energy and gas.
Among those buying the shares were three insurance rivals of the Phoenix - Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), Menorah Mivtachim Holdings Ltd. (TASE: MORA) and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL).
Published by Globes [online], Israel business news - www.globes-online.com - on December 25, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013