Businessman Aharon Frankel Boosts Alony Hetz Stake to 20% With $30M Investment
Translated & summarized from Globes by baba
Businessman Aharon Frankel has increased his stake in Alony Hetz to approximately 20% by purchasing an additional 2% of shares for about 120 million shekels. This move follows a recent decline in the company's stock, which is down about 26% year-to-date. Frankel's increased holding places him as the largest shareholder, surpassing Nathan Hets, who holds about 12.2%. Frankel has previously stated he does not seek a control battle within the company.
The story in 5 lines · by baba
- Businessman Aharon Frankel acquired an additional 2% of Alony Hetz shares for 120 million shekels.
- Frankel's stake in the real estate company now stands at approximately 20%.
- The purchase occurred amid a recent 6% stock decline for Alony Hetz.
- Alony Hetz's stock has fallen 26% since the beginning of the year.
- Nathan Hets remains a significant shareholder with about 12.2% of the company.
Businessman Aharon Frankel has increased his stake in Alony Hetz, a real estate company, by acquiring an additional approximately 2% of its shares for about 120 million shekels (approximately $30 million). This acquisition raises Frankel's total holding in the income-producing real estate firm to around 20%. The transaction involved Frankel purchasing 4.1 million shares for a total of approximately 120.5 million shekels on the stock exchange. Frankel has been consistently increasing his holdings in Alony Hetz over the past two years, first entering the company about two years ago in October 2024, when he bought approximately 10% for about 685 million shekels. This latest purchase comes after Alony Hetz's stock experienced a roughly 6% decline in the past week, mirroring broader market and real estate sector downturns. Year-to-date, the company's stock has fallen by about 26%, and it is currently trading at a market value of approximately 6.4 billion shekels. Alongside Frankel, the largest shareholder is the company's controlling shareholder, Nathan Hets, who has been associated with the group for over 30 years and holds about 12.2% of the shares. Frankel has previously indicated he is not interested in a control battle at Alony Hetz and does not intend to remove Nathan Hets from his position, despite his history of aggressive control battles in other companies, including Geb-Yam, Tamar Petroleum, and Aeronautics.
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