Mizrahi Tefahot Bank (TASE:MZTF) today sold another block of IDB Holding Corp. Ltd. (TASE:IDBH) shares as it seeks to collect Nochi Dankner's debt. The bank is selling shares on which it had a lien from Ganden Investments Ltd., though which Dankner controls IDB.
Mizrahi Tefahot Bank today sold 622,000 IDB shares at NIS 2.51 per share for NIS 1.56 million, about the same amount as the sale earlier this week. Today's sale amounts to 1.3% of IDB.
Following today's sale, Ganden owns 22.4 million IDB Holding shares, amounting to 44.91% of the company. Mizrahi Tefahot Bank still has a lien on 3.7% of IDB, which has a market cap of NIS 114 million. In addition to the shares, the bank has a personal guarantee from Dankner, who owes the bank NIS 80 million.
Dankner's biggest debt - NIS 450 million - is to Bank Leumi (TASE: LUMI).
Published by Globes [online], Israel business news - www.globes-online.com - on January 1, 2014
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