Bino and his Australian partners the Liberman family will sell their controlling stake in the oil company to comply with the Concentration Law.
Israeli businessman Zadik Bino is preparing to offload his holdings in the country's largest chain of gas stations Paz Oil Company Ltd. (TASE:PZOL) to comply with the requirements of the Concentration Law. Paz today reported that it has received permission from Prime Minister Benjamin Netanyahu and Minister of Finance Moshe Kahlon to sell its stake.
Bino required such permission because Paz also owns the Ashdod Oil Refinery, which is considered a national strategic asset.
At present Bino and his Australian partners the Liberman family hold a controlling 30.15% stake in Paz worth NIS 1.9 billion, as well as the core controlling stake of 69.61%. Bino will be allowed to sell his stake on the stock exchange.
The Concentration Law gives Bino until the end of 2019 to sell his stake either in Paz or the First International Bank of Israel (TASE: FTIN), and he has chosen to sell the former.
Published by Globes [online], Israel business news - www.globes-online.com - on August 24, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Paz Photo: Eli Yahav