Nati Saidoff Sells 4% of Shikun & Binui Shares at a Discount, Stock Drops
Shikun & Binui Chairman Nati Saidoff has sold 4% of the company's shares to institutional investors for 450 million shekels. Following the discounted sale, the stock price fell by 4.1%.
Shikun & Binui Chairman Nati Saidoff has sold 4% of the company's shares to institutional investors at a discount, receiving 450 million shekels. In response, Shikun & Binui stock is falling by 4.1%.
Saidoff currently holds 31.5% of Shikun & Binui. The decline in the stock price is a reaction to the divestment being executed at a 4.5% discount compared to yesterday's closing price.
Shikun & Binui stock has risen by 4.2% this year, and today, following the decline, its market value stands at 11.17 billion shekels. Barak Leumi Underwriters managed the transaction. The stock itself has lost ground over the last 3 months, falling by nearly 10%.
Saidoff's sale comes after Shikun & Binui published optimistic reports regarding apartment sales. In the last quarter of the year, the company sold 309 apartments, though the firm operates in a variety of fields beyond residential development, both in Israel and abroad.
