Tao drops shares of IDB

Tao Tsuot Ltd., an Israeli holding company, said it sold 1.8 million shares of IDB Group Ltd. for NIS 236.7m. in a private transaction on June 21.

Tao Tsuot Ltd., an Israeli holding company, said it sold 1.8 million shares of IDB Group Ltd. for NIS 236.7m. in a private transaction on June 21. Tao and IDB, which has investments ranging from finance to Israel's largest mobile phone company, announced the sale in a statement to the Tel Aviv Stock Exchange after trading on June 21. The transaction priced IDB shares at NIS 131.5, or 0.9% below their close on the exchange that day. Tao said it will post a capital gain of NIS 32.6 from the sale.