Gov't sells remaining stake in Discount Bank

October 26, 2010 17:44

Sources informed "Globes" that investment firm Citi has won a government tender, and bought the government's entire remaining 11.7% stake in Israel Discount Bank (TASE: DSCT).

The shares were then sold to foreign and local institutional investors, with Citi distributing the shares to foreign investors, and investment house IBI distributing the shares to local investors. Market sources estimated that Citi paid a very aggressive price of NIS 7.23 per share, similar to the market price. With the sale of 114.7 million shares, the government will receive about NIS 830 million from the sale.

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