The investment manager of Mor, Uri Keren, sold shares in the provident and pension company of the investment house in the amount of NIS 13 million. This is almost 2% of Mor Gamel’s shares – about one-sixth of the shares he owned and before the transaction stood at 11.7% of the capital, which is worth about NIS 90 million.
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Keren was appointed as the investment manager of Mor At the end of 2018, he arrived at the investment house after about seven years in the position of joint CEO of the mutual funds company of the investment house Yelin Lapidot. The transition took place simultaneously with the establishment of Mor’s provident fund activity, an investment house that until then specialized mainly in the management of mutual funds. With the move, about four years ago years, the fund received 15% of Mor’s provident company for its nominal value – NIS 1.5 million only – a holding whose value increased 60 times with the company’s issuance.
Keren’s decision to sell shares was due to several reasons, including his desire to pay off a loan he received from Mor for their purchase. In the process, there were also tax considerations with a view to the future, if and when Bemor Gamel will distribute dividends. According to the law, those who own more than 10% of the company will pay a 30% tax on the dividend, while those who own less than that will only pay a 25% tax.
At the same time, Globes learned that Moore was recently approached by two institutional entities and in addition a senior official from the insurance world who wanted to purchase shares, therefore, along with the other reasons, it was decided that Keren would sell part of his holdings, and would remain with almost 10% of the shares, so that he would still remain a significant shareholder. Since the company was issued in February of last year at a value of NIS 750 million, it has maintained its value and is now trading at almost the same value.