Nochi Dankner’s IDB Holdings today announced that it sold a 2.96% stake in Israel Discount Bank for NIS 103 million, off the floor. The deal values Discount Bank shares at NIS 3.57, or 3.5% below their closing price on Wednesday.
Sources inform "Globes" that the shares were sold to local broker Leader & Co, which is distributing the shares to investors.
In a statement to the Tel Aviv Stock Exchange, IDB Holdings said it sold 29 million shares of Discount Bank, Israel’s third largest bank. Following the sale, IDB Holdings had a 3.99% stake in the bank, meaning it is no longer a party at interest.
IDB said it would post an insubstantial profit from the sale during the fourth quarter.
At the end of July, IDB sold a 5.7% stake in Discount Bank to UBS for NIS 200 million. It was reported at the time that IDB planned to sell its remaining stake in the bank.
At 11:05 this morning, Discount Bank shares were down 3.7% at NIS 3.56.
Published by Globes [online] - www.globes.co.il - on 30 October, 2003