Shari Arison sells 25% of her Hapoalim stake

Shari Arison Photo: Einat Levron

Arison is selling 25% of her remaining 15.76% stake in Bank Hapoalim at a 5% discount.

Shari Arison is selling 25% of her stake in Bank Hapoalim (TASE: POLI). Arison, the former controlling shareholder in the bank, is distributing 53 million shares of the bank, representing 4% of the bank's equity and 5% of tradeable shares, through Citi and Goldman Sachs. The shares, which are being sold at a 5% discount on the market price, will be blocked for 90 days and there is high demand from institutional investors.

Prior to today's share distribution, Arison held a 15.76% stake in Bank Hapoalim. The sale of the shares is part of Arison's exit from her Israeli investments. This is the second tranche of shares that she has sold since deciding to relinquish her controlling stake in the bank in September 2018. As part of its agreement to leave Bank Hapoalim without a controlling core, Arison was given seven years by the Bank of Israel to complete the sale of her shares.

In 2018, Arison also sold her controlling stake in construction and infrastructures company Shikun & Binui Holdings Ltd. (TASE: SKBN) to Naty Saidoff for NIS 1 billion. In 2019, she sold Israel's largest salt producer, the Israel Salt Company, to Fortissimo Capital for NIS 160 million.

Published by Globes, Israel business news - - on April 20, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Shari Arison Photo: Einat Levron
Shari Arison Photo: Einat Levron
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