Akirov nears maximum stake in Clal Insurance

Alfred Akirov  credit: Eyal Izhar

Alfred Akirov's Alrov Properties & Holdings now holds 13.2% of Clal Insurance. The regulator currently allows a maximum holding of 15%.

Alfred Akirov continues buying up shares of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). At the beginning of this week, he raised his holding in the company (through Alrov Properties & Holdings Ltd., which he controls) to 13.2%.

Two weeks ago, Akirov received a permit from Commissioner of Capital Markets, Insurance and Savings Dr. Moshe Bareket to hold up to 15% of Clal Insurance, since when he has bought shares to the tune of NIS 142 million, raising his holding from 9.9% to 13.2%, worth some NIS 600 million at the market price.

Talking to "Globes", Akirov said that he intended to continue buying shares in Clal Insurance until he reached a holding of 15% as allowed by the permit. Akirov has not yet filed a request with the Capital Markets, Insurance and Savings Authority to gain control of the company, which currently has no controlling interest, but he does not rule out such a request later.

Akirov said that after he completed the purchase of the permitted 15%, a proposal to acquire control of Clal Insurance would be brought before the board of directors of Alrov Properties & Holdings, and that if it was decided to try to gain control, a request would be submitted to the Capital Markets, Insurance and Savings Authority.

Last week and at the beginning of this week, Akirov bought a total of 2% of the shares in Clal Insurance, in two tranches, for NIS 87 million. The shares were bought from Mori Arkin, whose stake has now declined to just 1.8%, and from various other shareholders.

Published by Globes, Israel business news - en.globes.co.il - on July 26, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Alfred Akirov  credit: Eyal Izhar
Alfred Akirov credit: Eyal Izhar
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