Summit Actual Property Holdings Ltd. (TASE:SMT), managed by Zohar Levy, yesterday offered its total stake of 16% in Israeli vitality and retail firm Paz Oil Firm Ltd. (TASE:PZOL) for NIS 1.1 billion, in one of many largest offers on the Tel Aviv Inventory Trade in current occasions. Sources inform “Globes” that the shares had been bought by Clal Insurance coverage, Extra Funding Home, and Altshuler Shaham, with Menora Mivtachim, Harel, Meitav and Lapidot shopping for smaller stakes.
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The deal, which is being led by InFin Underwriters, will probably be accomplished in two levels. Yesterday, Levy offered two-thirds of his holdings for NIS 700 million at a reduction of 4% available on the market worth. The consumers got the choice to purchase the remaining third for NIS 350 million, on the belief that the complete deal is exercised, by which occasion Summit will now not have a stake in Paz.
Right this moment Summit’s share worth is up 10% whereas Paz is down 5%.
Capital achieve of over NIS 500 million in 4 years
Following completion of the deal, Summit will acknowledge a capital achieve of virtually NIS 500 million. That is after it started buying shares within the Paz in 2021, and over time has invested about NIS 660 million, changing into the biggest shareholder within the firm, which is run and not using a controlling stake. As well as, Summit has benefited from a dividend of about NIS 100 million, distributed by Paz over the previous 12 months and a half.
Printed by Globes, Israel enterprise information – en.globes.co.il – on July 24, 2025.
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