Shari Arison trims stake again in Israel’s Bank Hapoalim

 Shari Arison trims stake again in Israel’s Bank Hapoalim

Israeli-American businesswoman Shari Arison, who once held a controlling stake in Bank Hapoalim, has sold a fourth tranche of shares in the lender to institutional investors.

Arison sold a 2.3% stake in Bank Hapoalim for NIS1.03 billion, or about $300 million. The sale leaves the billionaire with a 5.6% stake in the bank, which is worth a little over $730 million at current stock price levels.

Bank Hapoalim, one of Israel’s most prominent lenders, is listed on the Tel Aviv Stock Exchange (TASE).

Arison sold the latest tranche on Sept. 6 at a discount of 1% to the prevailing stock price of NIS33.77 per share.

Arison had decided in September 2018 to offload her holdings in the bank and had sold the first tranche of shares in November 2018, bringing her stake down from 20% to 15.8%. The first tranche of shares was sold for NIS25 per share, while yesterday’s sale is at a 35% mark-up from nearly four years ago.

In all, she has reportedly netted NIS5.4 billion, or $1.58 billion, from the stakes sold in the four tranches.

The Israeli central bank had given Arison a seven-year window to bring her stake in the bank below 5%.

In June 2018, Arison had also sold a 47% controlling stake in real estate firm Shikun & Binui Holdings Ltd to Naty Saidoff for NIS 1.1 billion at a discount of 15% on the company’s then share price. The stock has since risen sharply.

Arison is also the owner of Arison Investments, which consists of several business companies, and of The Ted Arison Family Foundation, which comprises several philanthropic organizations that operate as its subsidiaries.

Arison is the daughter of the late Ted Arison, who founded two cruise line companies, and the sister of billionaire Micky Arison, who manages Carnival Corporation, the world’s biggest cruise liner, which their father had founded.

Aman Malik

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