Shari Arison has lost more than NIS 1.5 billion on shares in Arison Holdings Ltd., Bank Hapoalim (TASE: POLI; LSE:80OA), and Israel Salt Industries Ltd. (TASE:SALT) she bought since 2006.
In March 2006, Shari Arison bought the stake of Shlomo Nehama in Arison Holdings, and during 2007, she bought shares in Bank Hapoalim and full control of Salt Industries for NIS 3 billion.
An examination by "Globes" found that the plunge in Bank Hapoalim's share price has reduced the value of the shares she bought by 46% (excluding a dividend of NIS 106 million). The total value of Shari Arison's shares has fallen by NIS 1.05 billion. In addition, the value of the shares purchased from Nehama has fallen by an estimated two-thirds.
In addition to these losses, the value of Bank Hapoalim shares held by Arison which were bought before 2006 has fallen by NIS 2.4 billion because of the fall in the bank's share price.
These losses are only theoretical, since Shari Arison has not sold any Bank Hapoalim shares, and reportedly has no plans to do so.
Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2009
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