Clal Biotechnology Industries Ltd. (TASE: CBI) management company Arte Venture Group yesterday sold 1% of the company out of its 6% holding for NIS 15 million. The sale was through a distributor at less than today's opening price of NIS 12.65.
Clal Biotech's share rose 0.6% by midday today to NIS 12.72, giving a market cap of NIS 1.16 billion.
Arte, run by CEO Ruben Krupik has managed Clal Biotech for five years as an outsourced management company.
The sale boosts Clal Biotech's share liquidity to more than 20%, a step forward in reaching the 25% threshold for inclusion in the Tel Aviv 100 Index. The upcoming index revision by the Tel Aviv Stock Exchange (TASE) management is on December 15. Clal Biotech expects to reach the threshold in the coming quarters.
Clal Biotech's share has risen 267% since the beginning of the year, thanks to good news from its portfolio companies.
Clal Biotech is the biotechnology investment arm of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) held through Clal Industries and Investments Ltd. (TASE: CII) with a 63% stake. Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) owns 14.6%, Arte owns 5%, and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) owns 4.15%. So far as is own, Clal Biotech's other parties at interest did not participate in yesterday's sale.
Published by Globes [online], Israel business news - www.globes-online.com - on November 16, 2009
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