Every adult Israeli citizen will be eligible to acquire options for Bank Leumi, reflecting a benefit of NIS 500-700.
Minister of Finance Benjamin Netanyahu will convene a press conference this afternoon to officially announce the options plan for Bank Leumi (TASE:LUMI).
Under the plan, prepared by Ministry of Finance Accountant General Dr. Yaron Zalika, every Israeli citizen over the age of 18 will be eligible to acquire options for Bank Leumi. The options will give a cash a benefit of NIS 500-700.
The distribution will be on the basis of the electoral roll. The state will acquire options on behalf of citizens unable to buy them, but in this case, the benefit will be lower - NIS 300-500.
The options will be distributed from the beginning of 2005, and will be blocked from trading for an initial period. The state currently owns 30% of Bank Leumi, worth NIS 4 billion, which means the benefit to the country's citizens will be NIS 2-3 billion.
Published by Globes [online] - www.globes.co.il - on May 10, 2004