April 30, 2020 / 11:47 AM / 24 days ago

Israel's Delek completes a share swap in sale of Phoenix stake

JERUSALEM (Reuters) - Israel’s Delek Group (DLEKG.TA) said on Thursday it had completed a share swap for the sale of a 5% stake in insurer Phoenix Holdings (PHOE1.TA).

Delek said it informed a contracted bank of the early completion of the sale of 12.5 million Phoenix shares and the release to the company of 82 million shekels ($23 million) in cash that was pledged to the financial institution to secure the transaction.

They shares were sold in an off-exchange transaction for 213.75 million shekels, the company said.

Delek said it still has two swap transactions, each for 6.25 million shares, representing another 5% of Phoenix.

Delek has been hard hit by the coronavirus outbreak and drop in global oil prices and has been selling assets to raise funds.

($1 = 3.5013 shekels)

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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