JT Capital, headed by Hong Kong-based businessman Li Haifeng, together with Chinese financial institutions Rongton and New Times, is buying 32% of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) from the IDB group unit IDB Development, which owns 54.97% of the insurance company. IDB group parent company IDB Holding is controlled by Nochi Dankner.

The purchase is at a company valuation of NIS 4.6 billion. IDB Development notified the Tel Aviv Stock Exchange today that, on October 3, JT Capital conveyed to it the names of the members of the buying consortium and the documents demonstrating that they each had the wherewithal to carry out the transaction, amounting to at least $700 million in total.

The composition of the consortium is 12.5% to JT Capital, 71% to New Times, and 16.5% to Rongton.

New Times and Rongton manage assets worth $26 billion and $9 billion respectively.

"We are excited about the prospect of investing in Israel, which we see as one of the most developed countries for financial services, high-tech, and agriculture, and believe that we can learn a great deal in these from Israel in these areas," a statement on behalf of the Chinese consortium said.

Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2013

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