The Ticker / Paz Oil to Pay $66 Million in Dividends

Sunflower Sustainable signs contracts; Tel Aviv shares fall on Greek and China crises.

Nir Kafri

Paz Oil said Wednesday it had set its latest dividend at a total of 250 million shekels ($66 million). Paz, part of the benchmark Tel Aviv-25 index, is trading at a market value of about 6 billion shekels, a record for the stock, after the share jumped 18% this year. The company has reported an adjusted first-quarter net profit of 167 million shekels, more than three times the number last year and higher than for all of 2014. Paz is controlled by Zadik Bino, also the controlling shareholder of the First International Bank of Israel. New legislation limiting the cross ownership of major financial and nonfinancial companies will require him to shed Paz or FIBI. (Shelly Appelberg)

Sunflower Sustainable inks deals worth $10 million
Sunflower Sustainable Investments, a Ramat Gan-based renewable energy company, said it has signed agreements to sell photovoltaic gear to five separate Israeli projects for a total of 38 million shekels ($10 million). The stock surged 8.7% on the news. The company, which also has photovoltaic facilities in Spain and Italy, generated 21.4 million shekels in revenue from its Israeli facilities last year, compared with 12.3 million the year before. Last week it said its Italian solar portfolio, in which it has an 85% stake, was being sold for 29.8 million euros ($33 million). The Italian portfolio contains 15 facilities. (Yoram Gabison)

Tel Aviv shares fall as China, Greece keep the mood sour
The Tel Aviv Stock Exchange fell Wednesday amid the latest falls in China and Europe’s ultimatum to Greece over its debt woes. The decline deepened when Wall Street opened lower, before a technical glitch halted trading there. The benchmark Tel Aviv-25 index ended 0.88% lower at 1,641.05 points, with the Tel Aviv-100 down 0.89% at 1,412.52 points. The Banks-5 index slipped 0.67% and the Real Estate-15 lost 1%. Volume for the day was 1.05 billion shekels ($277 million). Among blue chips, Bezeq dropped 2.1% and Alon Blue Square fell 1.5%. (Omri Zerachovitz)