Alon Israel Oil Co has sold its 8% stake in the fuel company for NIS 62 million.
Alon Israel Oil Co. Ltd. has sold its full holdings, an 8% stake, in fuel company Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) for NIS 62 million. Most of the shares were purchased outside of the Tel Aviv Stock Exchange (TASE) Alon Blue Square, which is controlled by Moti Ben-Moshe, and already controls Dor Alon.
Alon Blue Square paid NIS 53 million and raised its stake in Dor Alon from 63.1% to 69.9%.
Alon Israel Oil Co. Ltd. fell into the hands of its bondholders at the beginning of October after failing to raise NIS 120 million in a private and public offering to save the company. since then the bondholders have been selling off assets including a holding in Road 6, 80% of its stake in Alon Natural Gas Exploration Ltd. (TASE: ALGS), which has a 4% stake in the Tamar gas field and 6 million shares in Delek US Holdings Inc. (NYSE:DK).
Published by Globes [online], Israel business news - www.globes-online.com - on December 24, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Dor Alon gas station