Latest Updates: Israel Sells Off Remaining Leumi Stake for $525M
LATEST UPDATES – Israel has sold off almost its entire remaining Leumi stake which is the last fully privatized bank of the country. The remaining Leumi stake was sold off for close to $525 million.
“The era of state holdings in the banks’ shares is over,” said Rony Hizkiyahu, the Accountant General of Israel.
The state made a purchase of almost the shares of Israel’s banks following the 1983 crisis. However, the Israel Discount, First International, Hapoalim and Mizrahi-Tefahot, which are the top lenders, have been fully privatized.
Leumi was the second-largest bank in Israel. According to the government, the country traded 5.37% of Leumi to Citigroup, which had outbid the five other financial institutions on Tuesday.
The government retained a 0.5% in Leumi stake for sale to the employees of the bank. Leumi has a 36 billion shekels market value.
According to the Finance Ministry, Citigroup already made a payment of 23.38 shekels per share which is a 1.43% discount to the closing price on Tuesday. However, this was 33 percent higher compared to the price that the government had received when it sold another 5% of its holdings in 2011.
As per the ministry, the latest sale’s proceeds would go directly towards the financing of the state to its budget deficit in 2018 and lessen the debt burden.
Citigroup is likely to sell the shares to its clients.
Latest Updates: Two Illegal Immigrants Arrested on Modus to Double Money in UAE
On Wednesday, two African nationals in the United Arab Emirates were arrested for embezzlement in Ajman.
The modus of the two is they would lure their victims through claiming that they had equipment that could double their money.
The police seized black papers and equipment which the two African nationals used to counterfeit notes. This was according to Major Mohammad Yafour Al Ghafli, Ajman Police’s deputy director of the Criminal Investigations Department.
Police arrested the two immigrants as well as retrieved the equipment. Based on the investigations, the two were confirmed that the two are illegal immigrants in UAE.
The case was filed to the public prosecution. Al Ghafli has invited the public to report any suspicious people or activities to the authorities concerning counterfeiting money or embezzlement.