United Mizrahi Bank (TASE: MZRH) controlling shareholder Moshe (Mozi) Wertheim sold NIS 109 million worth of the bank's shares today. He sold five million shares at NIS 21.75 per share through UBS (NYS; SWX:UBS), which distributed them among foreign entities. Wertheim sold 2.3% of Mizrahi Bank's share capital, reducing his stake to 20.1%.
The Ofer family owns 26.15% of Mizrahi Bank.
The present sales follows Wertheim's sale of NIS 106 million worth of shares, also through UBS, two months ago. Altogether, he has sold 5% of Mizrahi Bank's shares.
Wertheim's sale of Mizrahi Bank shares, like similar sell-offs of other banks' shares, stems from the high prices for the shares. Including Wertheim's latest sale, parties at interest in Israeli banks have sold NIS 6 billion worth of shares over the past year.
The biggest seller is the State of Israel, which sold the controlling interest in Israel Discount Bank (TASE: DSCT) for NIS 1.3 billion, and a large block of shares in Bank Leumi (TASE: LUMI) for NIS 1.16 billion.
Migdal Insurance (TASE: MGDL) also sold its entire stake in Bank Leumi over the past year for NIS 834 million, and Shlomo Eliahu sold his stake in the bank for NIS 270 million, at the order of the Bank of Israel Banking Supervision Department.
Bank Hapoalim's (LSE: BKHD; TASE: POLI) controlling shareholders have also made large sales. Arison Holdings, Israel Salt Industries (TASE: SALT) and US controlling shareholders have sold NIS 2.2 billion worth of shares altogether over the past year.
Published by Globes [online], Israel business news - www.globes.co.il - on May 5, 2005