The kibbutz sold the stake in the water metering solutions company for NIS 156 million.
Kibbutz Dalia has sold a 11.8% stake in Arad Ltd. (TASE:ARD) for NIS 156 million. Kibbutz Dalia founded the water metering solutions company in 1941 together with its neighbor in northern Israel Kibbutz Ramot Menashe.
The sale was executed at NIS 53.50 per share, a 4.3% discount on the closing price yesterday. The share price fell 1.7% today to NIS 55.
Ramot Menashe now becomes the biggest shareholder in Arad with a 27.14% stake worth NIS 370 million. In 2007, Kibbutz Dalia sold an 8.5% stake to the Davidson Fund for NIS 40 million.
Published by Globes, Israel business news - en.globes.co.il - on June 1, 2020
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Arad water meters