Elsztain buys IDB group co shares

Eduardo Elsztain  photo: Eyal Izhar

The move is an attempt to prop up bond prices of companies in the IDB group.

Eduardo Elsztain has responded to the sharp fall in the securities of companies in the IDB group, which he controls. On Thursday, IDB companies bought their own shares and bonds, and those of other companies in the group, to the tune of NIS 30 million, in an attempt to halt the slide in their prices.

In addition, Elsztain's Argentinian holding company IRSA invested NIS 20 million in buying 1.36% of the shares in Discount Investment.

So far this year, Cellcom, Properties and Building, and Clal Insurance, all held by the IDB group, have seen their share prices fall by 43%, 20%, and 15% respectively, and in response Discount Investment's bonds have fallen by 12%, and IDB's bond series 9 and 14 have fallen by 28% and 13% respectively.

Published by Globes [online], Israel business news - www.globes-online.com - on July 8, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Eduardo Elsztain  photo: Eyal Izhar
Eduardo Elsztain photo: Eyal Izhar
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