The controlling owner of G City parted with 1.6% in the marketing network in 2 moves and a consideration of NIS 100 million
related topics
Haim Katzman, the controlling owner of G City (former Gazit Globe) sold the holding in Shufersal for about NIS 100 million.
Gazit, which held about 1.6% of the shares of the marketing chain, sold about 0.6% in the last few days on the market, and about 1% of the shares were sold yesterday in several transactions on the stock exchange.
“Calcalist” has learned that the buyer is the Phoenix insurance company, which in recent months has reduced its holdings in Shufersal to only 6.13% – the smallest share among the institutions together with Migdal Insurance. The Phoenix may see current price levels as a buying opportunity.
Katzman did not take advantage of the surge in Shufersal shares during the struggle for control of the company and Aaron Frankel’s attempt to acquire control of it, and is now selling when the shares are at a low ebb.
Against the background of the transactions, which spawned a rumor mill about the identity of the buyer yesterday, Shufersal shares rose by 5.1% on the Tel Aviv Stock Exchange, but in the end it turned out that they were purchased as a financial rather than a strategic holding.
Katzman is realizing many assets, in order to liquidate the real estate company that is facing difficult challenges. At the same time as the realizations, G City suffered a downgrade for its bonds, which trade at a junk yield of up to 16%.