Gov't sells remaining stake in Discount Bank

October 26, 2010 17:44


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

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.

Related Content

Breaking news
August 19, 2018
Report: Iraqi Supreme Court ratifies results of May election