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Union Bank completes sale of its holdings in Jerusalem Economy Ltd.

The Bank has sold the Eliezer Fishman shares foreclosed in its favor at a price of 887 agorot per share, which is above the market price

08.03.17 | Globes


Union Bank yesterday (Tuesday) completed the sale of its shares in Jerusalem Economy Ltd. (JEC), shares that were foreclosed as part of the receivership of businessman Eliezer Fishman. The shares were sold at a price of 887 agorot per share, while the share price on the TASE is 885 agorot. It should be noted that the Bank sold its shares in what the capital market refers to as a “deluxe sale” after Bank Hapoalim sold its holdings in JEC in January at 807 agorot and Bank Leumi did so in 2016 at a price of 591 agorot.

In total, the sale will add 33.2 million shekels to the Eliezer Fishman receivership estate.

The sale was led by Adv. Assaf Englard, a partner at law firm Hamburger Evron & Co., who acts as receiver for the shares of Union Bank in Jerusalem Economy Ltd., whereas the sale itself was carried out by Leumi Partners.