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News

11 NOV

Investment in Clal throught IDBD

In relation to IDB Development Corporation Ltd. ("IDBD") stake in Clal Insurance Enterprise Holdings Ltd. ("Clal") and to continue with the communication to the market made on May 2, 2019 regarding the sale of Clal, reports the following information:

On that date, IDBD had entered into an agreement with an unrelated buyer (a company owned by Eyal Lapidot) through which it granted an option to acquire Clal shares representing approximately 4.99% of its issued capital (and not less than 3%), at a price of NIS 47.7 per share. Subject to the exercise of the option by said buyer, the price would be paid 10% in cash and the rest through a loan that would be provided to the buyer by IDBD and / or by a related entity and / or by a banking corporation and / or financial institution, under the agreed conditions.

Yesterday, IDBD announced that on November 7, 2019, the sale transaction has been completed and the loan has been granted by a financial entity. It should be clarified that the amount of 2,771,309 of Clal Insurance Enterprises shares sold were subject of a swap transaction in which the Company entered with a financing entity, that ended upon the Company's notice to such financing entity.

As of today, as a result of this transaction, IDBD’s holding in Clal Insurance Enterprises amounts to 15.3% of its share capital and the company owns an additional 15.0 % through swaps transactions.