Israeli billionaire Shari Arison is continuing to sell her holdings in Bank Hapoalim (TASE: POLI). The former controlling shareholder of the bank is today selling 25 million shares for $250 million, representing a 1.9% stake in the bank. The buyers are institutional bodies in Israel and abroad and distribution of the shares has begun.
The distribution of the shares is being led by Barak Capital in Israel and Bank of America overseas. "The sales price is expected to be published no later than tomorrow morning," Bank Hapoalim said in a notification to the Tel Aviv Stock Exchange (TASE).
The report added, "Arison has committed to the underwriters not to transfer or dispose of her remaining holdings in the bank's regular shares for 90 days from clearing of the sale."
Before this latest sale of shares, Arison held 7.91% of the bank's shares, which were worth NIS 3.65 billion. The company's share price on the close of trading this evening on the TASE was NIS 34.10.
Last December Arison sold shares for $450 million at NIS 30.90 per