David Borovich received from his brother an option to buy 16.8% stake in the firm at a company value of $145 million. The option is valid through May 20
Knafaim Holdings Ltd. issued a notice to the TASE last week, stating that controlling shareholder David Borovich had informed that he had received from his brother, Israel Borovich, an option to buy his 16.8% stake in the firm at a company value of $145 million. If the option is exercised David Borovich will pay $25 million for the shares.
Israel (Izzy) Borovich is also chairman of El Al Israel Airlines Ltd. which is controlled by Knafaim.
The option is valid through May 20, and if the option is exercised, the sale will be completed by 30th July 2008.
It is understood that Israel Borovich would keep his posts at both Knafaim and El Al until the deal is closed, at which point he will resign.