Australian Abeles family sells part of FIBI stake

Zadik Bino

Helen and Michael Abeles sold just over 1% of the shares in FIBI Holdings at a 3% discount on the market price.

The Abeles family from Australia, a partner with Zadik Bino in the controlling interest in First International Bank of Israel (TASE: FTIN), in recent days has been selling shares in FIBI Holdings (TASE: FIBIH), through which Bino controls First International Bank. FIBI's notices on the matter to the TASE indicate that Helen and Michael Abeles sold a little over 1% of the shares in FIBI Holdings at a share price of NIS 101, 3% below the market price on the morning of the deal last Wednesday.

FIBI Holdings said that all of the shares sold in several deals on the TASE were "shares that do not constitute part of the controlling core according to the permit from the Bank of Israel." Following the sale, the Abeles family's holdings through Instanz Holdings amounted to nearly 12%.

This sale follows a larger sale of 3% of the shares in FIBI Holdings by the Abeles family early last December for NIS 100 million in an off-floor transaction at a share price of NIS 99. The sale in December took place simultaneously with a large sale of shares by Bino, who sold almost 10% of FIBI Holdings' shares for NIS 3340 million at nearly NIS 99 a share.

FIBI Holdings' share price climbed 12% last year, pushing its market cap up to NIS 3.5 billion.

Bino has been among the leading sellers of shares on the TASE in recent years. Up until December, however, his major sales were part of his divesting himself of the controlling interest in Paz Oil Company Ltd. (TASE:PZOL). Since 2016, he has sold shares in the company for a total of NIS 2 billion.

Published by Globes, Israel business news - - on February 10, 2019

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

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