Tel Aviv, February 25th 2007. Delek Group (TASE: DLEKG) following on from the press release of 22.1.07, 24.1.07 and 22.2.07, the Company reports that its subsidiary company, Delek Investments and Properties Ltd. (“Delek Investments”) has announced that within the framework of conditions as set by the anti-trust authority commissioner (“the commissioner”) to sell part of its holdings in Menorah Insurance Holdings Ltd. (“Menorah”) to a third party and in continuation of the sale of part of its holding as described in the press release of 22.1.07 and the issue of the option to purchase an additional portion of its holding as described in the press release’s of 24.1.07 and 22.2.07, Delek Investments sold today an additional 4.4% of Menorah holdings. This was in addition to the approximately 8% that was sold previously. The shares were sold to a third party for NIS 52 per share. Following the execution of the sale as reported in this press release, Delek Investment’s holding in Menorah will have fallen to less than 5% as required by the commissioner.
Profit to Delek Investments as a result of the above mentioned sale is approximately 5 million Israeli shekel (before tax). Total profit as a result of this sale of shares together with the sale from earlier today, is approximately 142 million Israeli shekel (before tax).
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|Ehud Helft / Kenny Green
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