Allied acquires shares of Menora Pension and Provident Fund – the capital market

Allied Holdings acquires 4.9% of Menora Mivtachim Pansa and Gamel at a value of NIS 2.63 billion or NIS 2.5 billion after the money. In other words, Allied will buy the shares for NIS 129 million. The share of the holding company b

A lamp from the chest
+ 13.62%

A lamp from the chest
6,559
+13.62%

Base:5,773

opening:5,773

High:6,600

low:5,766

change:10,835,480

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Jumps by 6%. Menora Mivtachim Holdings will also distribute dividends worth NIS 100 million. This was announced by the company on the stock exchange yesterday.

Allied gets an option to purchase 4.9% and may reach a 9.6% holding. The investor will purchase the shares as is, except for acceptable basic presentations. The agreement between the parties will include additional terms acceptable in such agreements.

Menora Pension and Provident Fund manages NIS 174 billion (143 billion pensions, 31 billion provident funds), as of the third quarter. It is the largest company in the long-term savings industry. The value of the company in the books of the holding companies reaches NIS 828 million.

In the third quarter of the year, the provident and pension department generated NIS 125 million, compared with a loss of NIS 40 million. In the first three quarters, the company generated NIS 104 million, compared with NIS 77 million last year. On an annual basis, in the last two years the average income will reach NIS 121 million.

It should be noted that in October 2020, Menora Mivtachim CEO Yehuda Ben Assayag (pictured) announced that he would acquire the company’s shares worth NIS 2 million by 2025. Menora Mivtachim is the third largest company in terms of market value in the insurance industry with a value of NIS 4.25 billion. After the Phoenix (6.8 billion) and Harel (6.4 billion).

Last year we wrote about the value that Menora Mivtachim floods. This is because the provident fund as a subsidiary is worth more than the market value of the entire traded company.