Nati Saidoff Sells Stake in Shikun & Binui, Stock Dips

Nati Saidoff, the controlling shareholder of real estate and infrastructure company Shikun & Binui, has sold 4% of his shares in the company. The sale was executed at a 4.5% discount to the stock's closing price from the previous day. Following the announcement, Shikun & Binui's stock price fell by up to 4% in trading.

Saidoff acquired control of Shikun & Binui from Shari Arison in 2018 for NIS 1.1 billion. The current sale represents a significant profit for Saidoff, occurring after a substantial rise in the company's stock price over the past week. This surge was attributed to the Bank of Israel's decision to lower interest rates, which has positively impacted the real estate sector.

Despite the sale, Saidoff retains a controlling interest in Shikun & Binui, holding over 30% of the company's shares, valued at more than NIS 3.5 billion. The company's market capitalization currently stands at approximately NIS 12 billion.

Shikun & Binui's business activities primarily encompass construction, real estate development, and franchising of projects both domestically and internationally. Additionally, the company operates in the renewable energy sector through its subsidiary Shikun & Binui Energy, which focuses on electricity generation from natural gas and renewable sources. While the stock has recovered from its 2022 peak, it has seen a significant rebound in recent times, rising about 35% in the past year and approaching its previous high.