Aaron Frenkel makes a big move: buys stock for 32 million shekels
Billionaire Aaron Frenkel, who is currently promoting the giant IPO of Uvision on NASDAQ, continues to accumulate power in the real estate arena. In a series of acquisitions spread over a month, he increased his stake in the holding company Alony Hetz. What attracts him to the company, and how close is he to full control?
Aaron Frenkel continues his acquisition journey in the Israeli capital market. This time it is Alony Hetz, one of the oldest holding companies on the Tel Aviv Stock Exchange. According to an official report, Frenkel purchased a little over a million shares in a series of transactions carried out between the end of July and the end of August, increasing his stake from 16.68% to 17.15%.
The purchase was made at a weighted average price of about 30.56 shekels per share, meaning a total investment of about 32 million shekels. The actual prices ranged from 29.70 shekels per share to 31.75 shekels. Frenkel holds the shares through a foreign company called Equity Finance and Investments registered in Malta, which is fully owned by him.
Beyond the direct purchase, Frenkel also has a "Collar" option on about 4.28 million additional shares of the company. One of the options for its exercise is receiving the shares in exchange for 36.29 shekels per share, and it is valid until June 2027. This means that beyond the current holding, Frenkel has another door open to deepen his grip on the company down the road.
Frenkel is not a new player at Alony Hetz. Back in August 2025, he increased his stake to about 18% (including the option) and thus became the most significant factor in the company, overtaking the company's CEO Natan Hetz, who holds about 12%. Already then it was evident that Frenkel sees the company as a strategic target.
What attracts him? Alony Hetz is a holding company that controls, among others, Amot (income-producing real estate) and Energix (renewable energy). Like most holding companies, it trades at a discount to the value of its assets. However, it is precisely this discount that may make Alony Hetz attractive in the eyes of an investor like Frenkel, who is looking for undervalued assets with potential for improvement.
As for the future of the CEO, Frenkel clarified in the past that he has no intention of ousting Natan Hetz from his position. Hetz continued to lead the company, which recorded nice performance in its stock over the past year.
The purchase at Alony Hetz is not an isolated move, but part of a consistent pattern of action by Frenkel in the local market. Parallel to real estate, he has also built a position of power in the energy market: Frenkel is the largest shareholder in Tamar Petroleum, which holds about 17% of the Tamar gas field, with a stake of about 24.9% - exactly below the 25% threshold that requires a tender offer to all shareholders.
At Tamar Petroleum, Frenkel has already moved from the acquisition stage to the improvement stage: he led a massive debt refinancing, cut operating expenses, replaced the management and the accountants, and worked to increase gas production. In the second quarter reports of 2026, the company already showed a 41% jump in net profit, to about 15.6 million dollars.
At Alony Hetz, it is not yet clear if Frenkel will choose a similar path of active involvement, but the pattern is familiar: he enters gradually, accumulates a significant stake, and only then decides where to take the company.
Anyone who holds Alony Hetz stock is directly affected by Frenkel's moves. The entry of a dominant stakeholder usually increases the market's attention to the company, and sometimes leads to improvement measures that reduce the discount on the assets. On the other hand, the concentration of power in the hands of one investor always raises questions about the direction of the company. At this stage, Frenkel is still building a position - and the big question is not whether he will influence, but where he will take the company from here.
