Plastro Irrigation raised NIS 11.8 million in a secondary issue. Harel Insurance Investments and Israel Phoenix Assurance also invested.
Sources inform “Globes” that the Recanati family was among the investors in the secondary issue earlier this week by Plastro Irrigation Systems (TASE: PLSTR). Judith Yoval Recanati, Leon Recanati’s sister, and Lenny Recanati, her nephew, invested NIS 6.4 million of the NIS 11.8 million raised by Plastro Irrigation. Plastro Irrigation raised a net of NIS 71.6 million in its first issue in late May.
The Recanatis made their investment through two private companies which they own. Lenny Recanati invested NIS 3.5 million, and Judith Yoval Recanati invested NIS 2.9 million. The Recanatis own a total of 2.1% of Plastro Irrigation, and will own 4.26% if they exercise all their options and convert all their company bonds into shares.
Harel Insurance Investments (TASE: HARL1;HARL5) invested NIS 3.4 million in Plastro Irrigation’s secondary issue: NIS 2.6 million directly, NIS 191.4 million through the Adi Pension Fund, and NIS 574,000 through Dikla Insurance. Another investor was Israel Phoenix Assurance (TASE: PHOE1;PHOE5), which invested NIS 1.1 million directly and NIS 904,000 through Hadar Insurance, which Israel Phoenix controls.
Plastro Irrigation has a market cap of NIS 121.5 million on the Tel Aviv Stock Exchange.
Published by Globes [online] - www.globes.co.il - on July 14, 2004