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Rich get poorer

8 Jan, 2009 17:05
שלח תגובה במיילStella Korin-Lieber

Israel's largest investor groups lost over 80% in market cap last year.

The aggregate market cap of Israel's 14 largest investment groups fell a stunning 81% to NIS 65 billion at the end of 2008 from NIS 345 billion at the end of 2007, according to Dun and Bradstreet Israel Dun's 100. Financial and real estate holdings took the greatest losses.

D&B Israel says that the large investment groups will maintain their appearance on the list in 2009. D&B Israel general manager Reuven Kuvent said, however, "The fall of one holding company is comparable to the fall of one of Israel's big banks. Therefore, from a national perspective, we must examine the conduct of these companies and help during the crisis." He added that if a major holding company crashed, the damage to the economy as a whole was inestimable.

While the Tel Aviv 25 Index fell 50% in 2008 and the Tel Aviv 100 Index fell 40%, large holding companies lost 80% of their market caps. They and their controlling shareholders - the tycoons in popular parlance - still remain the most influential entities in the economy.

According to D&B Israel, the top 14 investment groups and holding companies, alphabetically, are as follows:

Dun & Bradstreet Israel says that the economic crisis has hit Leviev, Fishman, and Tshuva the worst. Kuvent says, "These three men will continue to star in the list of large groups next year, too. It should be borne in mind that these entrepreneurs know how to deal with adversity and changing markets."

Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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