Altshuler Shaham will establish a public company that will control the provident and pension company

by time news

Altshuler Shaham Provident and Pension Reports today (Tuesday) that it intends to establish a new public company that will hold full ownership in the provident and pension company, which is currently the public company from Altshuler Shaham. The change will be made as part of a reverse triangular merger when all the shareholders on the determining date of the merger will hold the new company at the same rate as they currently hold in Altshuler Shaham Provident and Pension.

The investment house explained the move by allowing the public company to consider entering additional synergistic activities that cannot be carried out today since Altshuler Shaham Provident and Pension is licensed to engage in provident and pension activities only. The investment house also stated that Altshuler Shaham Provident and Pension will enter into a merger agreement with a designated new company so that immediately after the completion of the merger transaction, the full issued and paid-up share capital of Altshuler Shaham Gamel and a merged pension will be held by the new public company.

Following the completion of the structural change, the public company intends to examine the promotion of activity management and initiation of alternative investments in the real estate industry in Israel and abroad. Which will be established for the purpose of this activity and for the purpose of raising funds for the promotion of real estate projects.

The move will in addition mean that the current officers in the provident and public pension company will serve as officers in the new public company, subject to the completion of the move, and a number of additional appointments will be made. The chairman of the provident and pension company, Ran Shaham, will be appointed chairman of the public company. CEO Yair Levinstein will be appointed CEO of the Public Company and Chairman of the Provident and Pension Company. Marketing and sales at the provident and pension company will be appointed deputy CEO of the public company. The investment house noted that some of the appointments are subject to the approval of the Capital Market Authority.

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