Tel Aviv, December 11, 2019. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”)
announces that on December 11, 2019 it contracted with a third party outside of the stock exchange to sell all the Company’s holdings in Delek Automotive Systems Ltd (“Delek Motors”), being 14.99% of the share capital of Delek Motors, for consideration in cash of NIS 269 million (13,967,443 ordinary shares at a price of NIS 19.27 per share). The sale will be paid during the day.
This sale is in addition to the Company's transaction carried out on December 9, 2019 for the sale of 7% of the share capital of Delek Motors as a non-stock exchange transaction to the controlling shareholder of Delek Motors, Mr. Gil Agmon, at the identical price and for consideration in cash in an overall amount of NIS 135 million.
The consideration for the sale of these sales was NIS 404 million. The investment in the shares of Delek Motors as of September 30, 2019 came to NIS 287 million, and accordingly the Company is expected to recognize NIS 117 million as profit in Q4 2019 from the sale of the Delek Motors shares it held.
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on December 11, 2019.
About The Delek Group
Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. With major finds in the Levant Basin, including the Leviathan (21.4 TCF) and Tamar (11.2 TCF) reservoirs and others, Delek is leading the region’s development into a major natural gas export hub. In addition, Delek has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek Group is one of Israel’s largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE:DLEKG) and are part of the TA 35 Index.
For more information on Delek Group please visit www.delek-group.com
Head of Investor Relations
Delek Group Ltd.
Tel: +972 9 863 8443