The employees bought the shares at a 70% discount on the TASE price, for a total of NIS 12.5 million, as part of the privatization process.
El Al Israel Airlines (TASE: ELAL) employees today bought 8% of the airline's shares, as part of its privatization process.
The employees bought the shares at a 70% discount on the Tel Aviv Stock Exchange (TASE) price, for a total of NIS 12.5 million. Israel Phoenix Assurance (TASE: PHOE1;PHOE5) financed the purchase.
El Al employees have options for another 5% of El Al shares, at a discount of 40%, from 2007.
The employees bought the share through the joint pilots and ground crew workers committees.
Published by Globes [online], Israel business news - www.globes.co.il - on February 23, 2005