Rami Levy Gets Super Price for Shares

Rami Levy, the controlling shareholder of the retail chain named after himself, took advantage of the record heights his company's share price reached, to cash out some of his shares.

The Tel Aviv-based investment house Psagot brokered the sale of a 4.4% stake in Rami Levy Shivuk Hashikma grocery chain to institutional investors yesterday afternoon, cashing in on the share's record high level and bringing in NIS 40 million.

The shares were sold by Rami Levy himself, the company's controlling shareholder who before the sale owned a 70.3% stake in the retail chain.

Institutional investors own slightly more than 6% of the company's shares and 23.24% are traded on the Tel Aviv Stock Exchange.

Levy is now left with 66% of the chain's shares.

The sale was made at NIS 74.5 per share, a discount of 2% off the stock's price on the open market yesterday morning. The price has soared 220% over the past 12 months.

Psagot's provident funds, the second largest shareholders in the Rami Levy company, own 6.15% of the firm's shares. However, as far as is known, the investment house served only as a distributor for the shares to institutional investors but did not make any purchase for itself.