After the stock jump: Ofer Nimrodi continues to buy for millions
Shares of Hachsharat HaYishuv Urban Renewal plummeted last week by 41% and jumped back by the same percentage. Now, the parent company is taking advantage of the sharp market volatility to increase its stake to 73.8%.
Hachsharat HaYishuv, controlled by the Nimrodi family, continues to express confidence in its urban renewal and residential arm. A report filed by the company to the stock exchange and the Securities Authority shows that the parent company carried out another massive purchase of Hachshara shares during trading.
The purchase was executed in several transactions at the end of the week, totaling 224,500 shares. The transactions were carried out at an average rate of 8.225 shekels per share, representing a total investment of approximately 1.85 million shekels. Following this wave of purchases, the number of shares held by Hachsharat HaYishuv in the subsidiary increased from 66.35 million to 66.57 million. The controlling shareholder's stake in the company's capital and voting power climbed to 73.8% (and 71.43% on a fully diluted basis).
This purchase follows a previous report in which the controlling shareholder acquired about 975,800 shares at a rate of 7.11 shekels per share, amounting to approximately 6.95 million shekels. In just a few days, Hachsharat HaYishuv has injected a cumulative sum of about 8.8 million shekels into purchasing shares of its urban renewal arm.
The aggressive wave of buying by the controlling shareholder comes against the backdrop of significant volatility in the stock in recent days. The shares underwent a sharp shock, recording a 41% drop since the beginning of the month, which erased about 330 million shekels from its market value.
In a conversation with our site, the CEO of Hachshara Urban Renewal, Alex Mariash, recently addressed the strong local demand, noting that the company sold 100 apartments within a short period in the Ir Galim project in Kiryat Yam.
