Zadik Bino is continuing to sell parts of his holdings. On Thursday, Paz Oil Company Ltd. (TASE:PZOL), which he controls, announced that Bino and his partners sold NIS 265 million worth of shares in the company. Bino's share of the deal was NIS 236 million, and the share of his partner, the Liberman family of Australia, was NIS 29 million. The deal was done at a company value of NIS 540 million, similar to Paz's market cap.
Bino sold 4% of Paz, reducing his stake to 29%. The Liberman family's stake in Paz fell from 4% to 3.5%.
Bino is one of the prominent controlling shareholders who has been selling holdings in the past year, which has been a record year for the sale of shares by parties at interest. He has sold shares for NIS 1.2 billion, mostly in Paz, and the rest in First International Bank of Israel (TASE: FTIN) and its parent company, FIBI Holdings Ltd. (TASE: FIBI).
Earlier this year, Bino sold 6% of FIBI for NIS 140 million.
The present sale came six months after Bino sold Paz shares for NIS 335 million. The final part of that sale, amounting to NIS 30 million, was completed last week, under the option given to the investment institutions that bought the shares from Bino in October 2013.
Under the Business Concentration Law (5774-2013), Bino has six years to sell one of his main holdings - Paz or First International Bank. As "Globes" revealed, he is leaning toward selling Paz at an asking price similar to its market cap.
Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2014
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