Through Kenon Holdings Ltd (TASE:KEN: NYSE: KEN-WI), Idan Ofer has sold some of his stake in Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) (which trades as TowerJazz) for $21.9 million, according to a report to the US Securities and Exchange Commission (SEC). The report indicates that Kirby Enterprises, a company registered in Liberia and active in Monaco that is actually a subsidiary of Ofer-controlled Kenon, sold 1.7 million Tower Semiconductor shares at $13 a share two days ago.
Tower Semiconductor's share pricefell 4.9% the same day, winding up close to the share price for the deal. The sale left Kirby Enterpriseswith 6.7 million Tower Semiconductor shares, amounting to 7.7% of the chip company's share capital, compared with a previous holding of 8.3 million shares, a 10.2% stake. Kirby's current holding in Tower Semiconductor is worth $88.1 million. Based in Migdal HaEmek, Tower Semiconductor is managed by CEO Russell Ellwanger.
Israel Corporation (TASE: ILCO) split off some of its holdings over a year ago into Kenon, a new company, and Tower Semiconductor was one of those holdings, in addition to holdings in power station company AC Power, Zim Integrated Shipping Services Ltd., and Chinese automobile company Qoros. Kenon finished 2015 with record revenue of $961 million, 16% more than in 2014, and a non-GAAP net profit of $231 million, up 81% compared with the preceding year. The company's 2015 GAAP gross profit was $205 million, more than triple its gross profit in 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2016
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