Eyal Ofer increases stake in Mizrahi Tefahot Bank

Eyal Ofer Photo: Rory Lindsay

Ofer has increased his controlling stake by 0.3% to 22.5% by buying shares for NIS 55.3 million.

Mizrahi Tefahot Bank (TASE:MZTF) controlling shareholder Eyal Ofer yesterday bought 790,000 shares in the bank (0.3% stake) for NIS 55.3 million, at NIS 69.21 per share. The purchase was through Eyal Ofer's L.Y.N. Holdings. He now holds a 22.5% stake in the bank.

Yesterday, Mizrahi Tefahot's share price jumped by 10.11% to NIS 71.15 on a particularly high turnover, which is now apparently due to Ofer's purchase. The share price is up a further 0.60% in morning trading but is still nearly 22% below its price at the start of the year due to the Covid-19 crisis, which has seen the bank's market cap cut to NIS 16.7 billion.

Mizrahi Tefahot, Israel's third largest bank, has undergone huge growth in recent years, both organizationally and through mergers and acquisitions.

Last month, Moshe Lari was appointed CEO by the board of directors and is replacing Eldad Fresher who is stepping down.

Published by Globes, Israel business news - en.globes.co.il - on July 2, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Eyal Ofer Photo: Rory Lindsay
Eyal Ofer Photo: Rory Lindsay
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