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Kenny Rozenberg increases stake in El Al

  • April 20, 2023

El Al Israel Airlines Ltd. (TASE:ELAL) controlling shareholder Kenny Rozenberg has successfully completed an offer to purchase, increasing his stake from 44.95% to 49.95%. The offer to purchase was completed at the third attempt at NIS 4.20 per share.

Among those selling shares were the state, which reduced its holding from 11.80% to 10.13% and former controlling shareholders the Borowitz family, which reduced its stake through Knafaim Holdings from 6.19% to 5.24%.

Rozenberg became El Al’s controlling shareholder in 2020 after investing NIS 360 million as part of a TASE offering conducted to save the airline from collapsing during the Covid pandemic. Subsequently Rozenberg injected a further NIS 166 million into El Al for additional shares and extended the $70 million owner’s loan.

To date, Rozenberg has lost hundreds of millions of shekels on the investment. But he is banking on the current booking boom in the tourism industry continuing with El Al reporting its biggest quarterly profit since 2015 in the fourth quarter of 2022.

Published by Globes, Israel business news – – on April 20, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

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