Alrov financials reveal Clal Insurance stake

Alfred Akirov

Alrov Properties and Lodgings purchased almost 5% of Clal Insruance for NIS 150 million.

Alrov (Israel) Ltd. (TASE: ALRO), controlled by Alfred Akirov, purchased shares in Clal Insurance worth NIS 46 million, as of September 30, according to Alrov's reports for the third quarter of 2019, published today. From that date until now, shares in Clal Insurance were purchased for NIS 100 million, bringing Alrov's total stake in Clal Insurance to 4.985%.

Alrov's portfolio of marketable securities, consisting mainly of shares in Bank Leumi, amounted to NIS 460 million as of September 30, including NIS 410 million in Bank Leumi shares. At November 20 prices, Alrov's share portfolio was worth NIS 538 million, NIS 383 million of which consisted of Bank Leumi shares. From the beginning of 2019 until shortly before the approval of Alrov's financial reports, Alrov sold Bank Leumi shares for NIS 170 million.

Alrov's rent from income-producing properties in Israel and overseas totaled NIS 89 million in the third quarter of 2019, compared with NIS 85 million in the corresponding quarter last year. Most of the increase resulting from the acquisition of another property in the UK, an income-producing property in Switzerland, and a property in France during 2018, which were not fully reflected in the third quarter of 2018.

Alrov's cash flow from current activity amounted to NIS 72.7 million in the third quarter, compared with NIS 55.6 million in the third quarter of 2018.

Published by Globes, Israel business news - en.globes.co.il - on November 25, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Alfred Akirov
Alfred Akirov
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