Israeli billionaire sells 49% of stake in investment arm
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Tel Aviv
ISRAELI billionaire Shari Arison agreed to sell 49 per cent of her investment and philanthropy arm, which could become one of the biggest deals in the country's financial sector.
Ms Arison signed a non-binding agreement to sell the stake in Arison Holdings 1998 Ltd to unidentified North America-based institutional investors and an investment firm, according to a Tel Aviv Stock Exchange filing. Though the total value of the sale was not disclosed, the deal pegs Bank Hapoalim Ltd, the holding company's most valuable asset and Israel's largest lender, at 24.82 shekels per share. That is nearly 3 per cent above the closing share price on Sept 19, the last day of trading in Israel before the Rosh Hashana holiday.
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