"Globes" has learned that Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) has bought a 4.5% stake in construction and real estate company Prashkovsky Investments and Construction Ltd. (TASE:PRSK) from the Prashkovsky family for NIS 57 million. This is the first time that Harel has invested in the company.
The deal was completed yesterday at NIS 68 per share. Prashkovsky 's share price rose 1.8% in yesterday's session on the Tel Aviv Stock exchange, to NIS 71.22, so that the deal was at a discount of 4.5% on yesterday's closing price and 2.5% on the opening price.
Before yesterday's deal, the Prashkovsky family held about 63% of Prashkovsky Investments and Construction and the public 20%. The family's holding is now down to about 58%.
Prashkovsky Investments and Construction has a market cap of some NIS 1.3 billion, following a 165% rise in its share price in the past year. The company focuses on residential real estate in high-demand areas of Israel, and is developing an income-producing rea estate arm. It has projects for the construction of 3,000 housing units, among them a large Vacate and Build project in Haifa, large Buyer's Price projects in Rishon LeZion, Ramla, and Glil Yam in Herzliya, and other open maket projects in Ramla.
Published by Globes, Israel business news - en.globes.co.il - on February 17, 2020
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