Bank Leumi to report NIS 90 million pre-tax profit from the sales of Retailors' Shares

Rhea-AI Summary

Leumi Partners Ltd., a subsidiary of Bank Leumi, exercised its option to invest in Retailors Ltd. on May 13, 2021. The shares acquired will be sold under an IPO prospectus published the same day, aiming for completion on May 18, 2021. This move is expected to record a pre-tax profit of NIS 90 million for Bank Leumi. Post-IPO, Leumi Partners will own 6.81% of Retailors' shares, which will be restricted for up to 18 months following the listing.

TEL AVIV, Israel, May 18, 2021 /PRNewswire/ -- On May 13, 2021, Leumi Partners Ltd., a wholly-owned subsidiary of Bank Leumi (TASE: LUMI), exercised an option allocated to it upon its investment in Retailors Ltd.

The shares allocated upon the exercise of the option will be sold pursuant to an IPO prospectus and an offer for sale published by Retailors on May 13, 2021. The completion of the IPO and offer for sale under the prospectus was scheduled for May 18, 2021.

The pre-tax profit expected to be recorded by Bank Leumi as a result of the exercise of the share option is NIS 90 million.

Following the completion of the IPO and offer for sale under the prospectus, Leumi Partners shall hold 6.81% of Retailors' shares. The shares are restricted for a period of up to 18 months following the listing of Retailors' shares.

For more information visit www.leumi.co.il or contact Adi Molcho Weinstein, VP, Head of Investor Relations, at investorrelations@bankleumi.co.il

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SOURCE Bank Leumi

FAQ

What is the expected pre-tax profit for Bank Leumi from the Retailors share sale?

Bank Leumi expects a pre-tax profit of NIS 90 million from the Retailors share sale.

When was the IPO for Retailors scheduled to be completed?

The IPO for Retailors was scheduled for completion on May 18, 2021.

What percentage of Retailors' shares will Leumi Partners hold after the IPO?

After the IPO, Leumi Partners will hold 6.81% of Retailors' shares.

When was the option for shares in Retailors exercised by Leumi Partners?

Leumi Partners exercised the option for shares in Retailors on May 13, 2021.

How long are the Retailors shares restricted after the IPO?

The Retailors shares are restricted for a period of up to 18 months following the IPO.