Zur Shamir subsidiary Direct Insurance acquired Neema Shefa Israel in September last year.
Zur Shamir Holdings (TASE: ZUR), managed by cousins Moshe and Doron Schneidman, has announced that it will allocate 15.5% of the shares in Neema Shefa Israel Ltd. to Israel Discount Bank (TASE: DSCT) bank investment arm Discount Capital. Neema offers a digital wallet application that currently mainly serves foreign workers in Israel, for whom it is difficult to open an account at an Israeli bank. Discount Capital is investing NIS 5.25 million in Neema at a company valuation of NIS 28.5 million before money.
Neema is currently wholly owned by Direct Insurance - Financial Investments Ltd. (TASE: DIFI), in which Zur Shamir has a 93% stake, with the rest of the shares owned by Leumi Partners o fte Bank Leumi (TASE: LUMI) group.
Neema is regulated by the Capital Markets, Savings and Insurance Authority. In its fourth quarter 2019 financials, Zur Shamir valued its investment in the company at NIS 4 million, up from NIS 2 million in the previous quarter. In its fourth quarter report, Direct Insurance stated that in September 2019 it completed a deal to buy Neema Shefa Israel for $100,000, and that at the date of the report it had invested a total of NIS 4.7 million in the company. Neema contributed NIS 2.2 million revenue to Direct Insurance in 2019, but it was still making losses, as is to be expected from a company of this kind at the development and growth stage.
Published by Globes, Israel business news - en.globes.co.il - on May 4, 2020
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Neema team / Photo: PR