Steinmetz has earned NIS 56 million ($14 million) within a few weeks on the shares he bought.
Businessman Benny Steinmetz several weeks ago acquired a package of Bezeq shares from Bank Hapoalim for a total of NIS 160 million ($40 million).
"Globes" has learned that Bank Hapoalim was holding these shares in the bank's nostro account for itself as a financial investment. Under the transaction, Steinmetz purchased eight million shares at NIS 20 per share. This share package constitutes 1% of the shares in Bezeq.
The shares price currently stands at NIS 27. This means that Steinmetz has earned NIS 56 million ($14 million) within a few weeks on the shares he bought from Bank Hapoalim. Steinmetz purchased the shares as a financial investment, under the assumption that Bezeq's privatization process will cause its shares to rise steeply.
Published by Israel's Business Arena on March 9, 2000