Bino is selling the fuel company's shares at a 5% discount for NIS 320 million.
Zadik Bino continues to dilute his holdings in Paz Oil Company Ltd. (TASE:PZOL). Last night he sold 6% of his shares in the fuel company for NIS 320 million. The sell was made outside of the Tel Aviv Stock Exchange to a financial body that will distribute the shares to institutional investors for NIS 550 per share - a 5% discount on this morning's share price.
After strengthening by 15% since the start of 2015, Paz fell by 2-3% in recent days to give a market cap of NIS 5.7 billion. After the sell, Bino's holding in Paz has fallen to 23%.
In accordance with Bino's agreement with his partners the Liberman family (Dolphin Energy) and the Abeles family (Instanz Holdings), the latter has up to two weeks to join the sale and sell a 2% stake at the price of the current deal. If the partners do not join then Bino may increase the stake he is selling to 8%.
Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2015
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Zadik Bino