Israel Corporation selling Oil Refineries shares

Oil Refineries

Oil Refineries' share price is falling on large turnover.

Israel Corporation (TASE: ILCO) is selling shares in Oil Refineries Ltd. (TASE:ORL) today through Leumi Partners Ltd., which is pushing the share price down on a large trading turnover.

It is believed that the Israel Corporation, controlled by Idan Ofer, is selling shares in Oil Refineries in preparation for an offering by Israel Petrochemical Enterprises Ltd. (TASE:PTCH), another major shareholder in Oil Refineries, whose Oil Refineries shares are to be used as collateral.

The sale by Israel Corporation is likely to decrease the value of Israel Petrochemical's collateral, which will require the latter's controlling shareholder, David Federman, to supplement it. Meanwhile, Israel Petrochemical's shares in Oil Refineries are currently encumbered in favor of Bank Hapoalim (TASE: POLI). Foreclosure of these shares is being delayed in order to allow Israel Petrochemical to complete its offering.

Published by Globes [online], Israel Business News - www.globes-online.com - on June 19, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Oil Refineries
Oil Refineries
Twitter Facebook Linkedin RSS Newsletters גלובס MAD Conference 2017