Changes in the composition of the company’s shareholders Inter Industries The veteran, with the addition of the Nokd and Alpha hedge funds to the controlling core of the company following the acquisition of approximately 14% of the company with an investment of close to NIS 20 million. On the familiar side: the company’s founders, including Aryeh Korotkin, Eli Cohen and members of the Hummel family.
As part of the transaction, Noked purchased shares worth about NIS 15 million and reached a holding of about 11%, and the Alpha Fund, which before the deal held about 10% of Inter’s shares, increased its holdings slightly, to about 13% with an investment of a few million shekels.
Inter Industries, founded in 1973, is mainly engaged in the field of projects, design and construction of electrical systems for industry, design and construction of electromechanical systems for electricity generation, production of electrical panels, design and trade, in which it markets products in the field of electricity and communications and lighting fixtures.
Another company that has invested a few million shekels in the purchase of a stake in Inter shares from the founders is the company “Other Sources of Energy” (OSEG), so that its share in Inter will reach about 32%. OSEG joined the controlling interest in Inter about a year and a half ago and invested a little over NIS 20 million for its holdings before the current deal, which stood at about 30%.
Following the acquisitions made by the entities mentioned, the controlling interest in Inter will include Alpha, Nokd, OSEG and Korotkin, with a combined holding of approximately 60% of the capital and an agreement regulating their relationship as shareholders and controlling shareholders.
The acquisitions of Nokd, Alpha and OSEG were made at a share price of just over NIS 8 – similar to the market price of the share before the transaction was reported, which responded with sharp rises. The share price in the transaction is double the share price of approximately NIS 4, according to which OSEG entered an investment in Inter during 2020, through an allotment of shares.
At that time, at the time of the first report about OSEG’s possible joining the company at the end of March 2020 – the peak of the corona crisis in the capital markets – the Inter share was at a low and its value was less than NIS 3. In total, from the low level so far, the Inter share has completed a jump of about 250%, so that it reflects the company’s market value approaching NIS 150 million.
OSEG operates and invests in the field of energy and is owned by Assi Shalgi, former CEO of the Ministry of Energy and Nissan Caspi, founder of the listed energy company JP Global, which parted ways in recent months with the sale of its holdings to Motti Ben Moshe Blue Oak for nearly 60 years. NIS million. OSEG chairman is Tamir Pardo, former head of the Mossad.
Making hedge funds controlled – not a common move
The transformation of hedge funds such as Alpha and Nokd into a controlling shareholder in a listed company is an uncommon move. The two are funds with relatively large-scale activity on the stock exchange, and they have significant interest and holdings in quite a few companies, but in most cases they are not controlling shareholders.
Alpha, headed by Gabi Dishi and Michael Weiss, was established in 2005 and manages four hedge funds, which make investments, mainly long-term, in Israeli companies, in the fields of industry, services and technology.
Alpha is the controlling owner of the company I will create information technologies , Which is traded at a market value of about NIS 300 million, and apart from that it is interested in a variety of listed companies, including Burnmiller Energy , Company Rural Industries , The fashion company golf , Printer manufacturer Massive , The engineering and projects company Bern , And more.
Noked is a company that manages hedge funds and specializes in investing in securities in the areas of debt and shares in Israel. The company was established at the end of 2013 by Roy Vermus, Former CEO of Psagot Investment House and Shlomi Bracha, also a former Psagot executive. Hajjaj Real Estate , Partnership Navits Petroleum , The human resources and services company Daniel , The home products company Hamat , The fabric maker Shlaag , Non-bank credit company perfection And more.
Inter, managed by Jerry Schnirer, was appointed CEO at the same time as OSEG invested in it, with the aim of building and implementing a work plan that would enable its growth, increased its revenues in the first nine months of 2021 by almost 30% to NIS 305 million, mainly due to project progress. In the bottom line, the company significantly reduced its losses, which amounted to less than NIS 2 million, after concluding the entire year 2020 with a loss of about NIS 35 million.