Tzur Shamir || Completion of the agreement for the sale of 4% of the subsidiary Direct Insurance Financial Investments to the Japanese insurance giant MSI

Create dill Reports that it has completed the agreement to sell 4% of the shares of Bituach Yashir-Financial Investments (Dipi) in its possession for NIS 77 million to the Japanese insurance giant Mitsui Sumitomo Insurance (MSI). The deal reflects a value dip of about NIS 1.93 billion. In addition, MSI was given an option to increase its holding in Dip to up to 20%, partly through the acquisition of additional shares of Dipi Mitzur Shamir and partly through the issuance of shares by Dipi in exchange for a price to be determined between the parties at the relevant date.

MSI is an insurance company of the Japanese corporation MS&AD Insurance Group Holdings (MS&AD) which is traded on the Tokyo Stock Exchange before a value of about $ 17.5 billion. MS&AD is the largest insurance group in Japan and the fifth largest in the world in the elementary field.

Muki Schneidman, the company’s CEO and controlling shareholders, told FUNDER: “We are very pleased to complete this unique investment agreement with a leading international body. The agreement, which is perfect in this period of global uncertainty, is further tangible evidence for us of the significant value inherent in the Tzur Shamir Group and we intend to continue our efforts. . ”

Yossi Kochik, chairman of the company“This happy announcement comes at the end of a challenging year in which each member of the group has demonstrated impressive stability. The companies have invested a great deal of effort in adapting their activities to changing market conditions with an emphasis on maintaining financial strength and positive business momentum and we are happy that they have borne fruit.”

Dipi was delisted from the trade about a year ago and is held by Tzur Shamir at a rate of about 92%, the balance is held by Leumi Partners. Deepi holds about 49% of the shares of IDA Insurance, the pioneer of the direct insurance method in Israel, which has been operating for over 20 years and is the largest and leading in its field.

About 41% of Edgar operates in the field of income-producing real estate and owns properties with a total value of more than NIS 4 billion and about 56% of a direct financing company that deals mainly with loans for the purchase of vehicles and was issued earlier this year on the stock exchange and is traded at a value of about 1.5 NIS 1 billion. Create a direct holding in Edgar at a rate of about 4%.

Attorneys Yaakov Enoch and Dudi Yaakovi from the firm of M. Firon & Co. accompanied Tzur Shamir in the transaction. Ms. Batya Tuktali brokered the transaction.