Shlomo Insurance Company reports today on the raising of a deferred letter of commitment (capital note) which was raised through the old pension funds, which are managed by members of pension funds. The move was made in light of the growth in the company’s various insurance businesses in recent years, it was reported. Therefore, in response to the increase in capital requirements that derive from the increase in the company’s business, the company raised a deferred letter of commitment that serves as secondary capital in the amount of NIS 140 million.
It was further reported that the deferred promissory note now issued is index-linked and bears a fixed annual interest rate equal to the yield on government bonds plus the spread determined between the parties and that the deferred promissory note is in accordance with rules set by the Capital Market Authority.
Uri Omid, CEO of Shlomo Insurance: “In light of the growth in the volume of activity in the company in recent years, we are required to strengthen the capital structure of the company. For this purpose, we contacted colleagues, who made available to us the deferred letter of commitment.”
The company recently reported that it met with a profit of 180% after selling the car group a logistics lot for NIS 103 million. The plot, which covers about 35 dunams and is located in Ashkelon, was sold to the group after Shlomo owned it for about four years, during which Sergeant rented the land.
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