Private equity firm FIMI, controlled by Ishay Davidi, has sold 11% of the shares in Ham-Let (Israel-Canada) Ltd. (TASE: HAML) for a total of NIS 100 million. The sale was at NIS 63 per share, representing a discount of nearly 4% on Ham-Let's closing price on the Tel Aviv Stock Exchange yesterday.
The sale means that FIMI's stake in Ham-Let falls from 42% to 31%. The fund will continue to be the controlling shareholder.
So far, FIMI has realized Ham-Let shares to the tune of $112 million. It bought control of the company from Discount Investment in June 2012 for $58 million. In addition, the fund holds shares in the company worth $83 million, which it will retain. It is thus on track to obtain a return of 3.4 on its investment, or a net profit of NIS 500 million.
Last September, FIMI sold 18% of Ham-Let's shares for NIS 150 million.
Ham-Let, which produces compression fittings and valves for industry, had revenue of $88.5 million in the first half of 2019, 1% less than in the corepsonding period of 2018.
Published by Globes, Israel business news - en.globes.co.il - on November 28, 2019
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