“Globes” has learned that Franco-Belgian bank Dexia, which recently acquired control of Bank Otzar Hashilton Hamekomi, is expected to acquire half of the shares held by Avi Roemi in the bank, which constitute 20% of its capital. The deal is expected to total $15 million, 25% above the market value and double the price Roemi is estimated to have paid for the shares in 1997-99.
The acquisition of Roemi’s shares is part of a shareholders agreement signed in September 1999, under which Dexia – in the event that it acquired control of the bank – would purchase Roemi’s shares and receive Call options on additional shares, while Roemi would have Put options on the same shares.
Later, Bank Otzar Hashilton Hamekomi is expected to conduct an equalization of rights, after which Dexia will hold 45-50% of capital and Roemi will hold 20%. The bank currently has five types of shares.
Bank Otzar Hashilton Hamekomi, which serves as a pipeline for the transfer of State financing to local authorities, published its 2000 business results. The bank posted a net profit of NIS 28.2 million, compared to NIS 15 million in 1999, representing a yield of 15.8%, compared to 9.2% in 1999.
Published by Israel's Business Arena on 20 February 2001