The Japanese Orix (ORIX), the largest shareholder in the renewable energy company Ormat Technology
Ormat Techno
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sells 32% of the shares it owns for approximately $346 million, or approximately NIS 1.186 billion. If the underwriters exercise the option to purchase shares, they will be able to purchase another 5% of Oryx’s holdings amounting to NIS 178 million.
Orix now owns 19.7% of the company’s shares and after the sale, will remain with 13.4% of the shares. The American banks JP Morgan and Bank of America are accompanying the sale, when they themselves will be able to purchase another 5% of Oryx’s holdings, together with Barak Capital, which coordinates the issue with the investors in Israel.
Over the years of controlling the company, Ormat distributed to Oryx a dividend in the amount of approximately 28 million dollars, and now it makes another handsome profit of 80% on the sale.
The shares were purchased by Orix from the Fimi Fund in 2017, in exchange for 626 million dollars. Fimi, for its part, then made a handsome return of 300% on the stock and a cumulative profit of 300 million dollars, after purchasing 22.5% of Oram in 2012 for 145 million dollars and leading it to a market value of 3 billion dollars
Other major shareholders in Ormat today are Balkruk holding 12.53% of shares, Vanguard with 7.71%, Migdal with 7.6%, Clal with 5.3%.
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In the reports for the third quarter of 2022, Ormat reported that revenues rose to $175.9 million compared to $158.8 million in the corresponding quarter – an increase of 10.7%. The operating profit was 38.9 million dollars compared to 36 million dollars last year, an increase of 8.1%. Ormat recorded a net profit of 18.1 million dollars, compared to 14.9 million dollars in the corresponding quarter last year – an increase of 21.5%.
Ormat predicts that its revenues in 2022 will be in the range of 720-735 million dollars and that the adjusted EBITDA will be in the range of 430-442 million dollars.
Ormat share is a dual share traded in Israel and New York (NYSE: ORA). In Israel it is traded at a price of NIS 339.5 per share (US$100) and according to a market value of NIS 18.94 billion (US$5.62 billion). It is now shedding 5% in late trading on Wall Street and is expected to plunge tomorrow in Israel to a value of NIS 18 billion.
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