Nimrodi exploited the fall in the company's share price to increase his holding to 25% - 55% together with his father Yaakov Nimrodi.
The controlling shareholder in Israel Land Development Company (TASE: ILDC), the company's CEO Ofer Nimrodi, has exploited the decline in its share price to increase his stake. In Sunday's trading session on the Tel Aviv Stock Exchange, Nimrodi bought shares to the tune of NIS 1.3 million, reaching a holding of 25% (55% together with his father Yaakov Nimrodi), after buying shares to the tune of NIS 620,000 last week.
The share price of Israel Land Development, which is active in income producing real estate in Israel and in Europe, and in real estate development in Israel, jumped 8% yesterday. The share price is still down about 44% for the year to date, cutting the company's market cap to NIS 830 million.
On Sunday, the research department of underwriter Rosario published a recommendation for Israel Land Development with a price target of NIS 34, 37% higher than the current share price on the stock market. Rosario estimates the company's economic value at NIS 1.1 billion.
Published by Globes, Israel business news - en.globes.co.il - on August 4, 2020
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Ofer Nimrodi