Gili Agmon Boosts Stake in Delek Automotive, Shares Surge 10%

Shares of Delek Automotive jumped 10% on Wednesday following purchases by controlling shareholder Gili Agmon. Agmon, through Menora's underwriting company, approached institutional investors and investment houses to acquire shares of Delek Automotive, whose market value had fallen to 1.5 billion shekels. Earlier this week, shares of Veridis, Delek Automotive's subsidiary, rose 13% after it was announced that Veridis will be included in the FTSE Small Cap Index starting September 18. A formal announcement regarding Agmon's increased holdings in Delek Automotive is expected later Wednesday. Prior to these purchases, Agmon held a 49% stake in Delek Automotive, the importer of Mazda and Ford vehicles, and was also the controlling shareholder of Veridis.