CAESARIA, ISRAEL – Max Stock Ltd. (TASE: MAXO), a large-cap value retailer based in Israel, revealed on Monday that Migdal Insurance and Financial Holdings Ltd. has increased its stake in the company. On January 11, 2024, Migdal executed a trade on the Tel Aviv Stock Exchange, purchasing 3,559,039 shares at an average price of NIS 7.08 per share.
Following this transaction, Migdal’s total holdings in MaxStock reach 8,964,273 shares, representing 6.43% of the company’s capital, or 6.37% on a fully diluted basis. The purchase makes Migdal a major shareholder, with its holdings managed through profit-sharing life insurance policies and mutual fund management companies.
Migdal Insurance and Financial Holding Ltd., a public corporation, is specifically subject to the ultimate indirect control of Mr. Shlomo and Ms. Haya Eliyahu, who own a 64.28% stake. The company now owns more than 5% of Max Stock’s capital, primarily through the life insurance policies and mutual funds it manages.
Max Stock is known as Israel’s leading value retailer, with 63 locations across Israel and two in Portugal. The company is known for offering a variety of high-quality products at affordable prices, in keeping with its slogan of “Dream Big, Pay Small”.
This announcement is an English translation of excerpts from an immediate Hebrew report published on the same day. While the translation has been carefully prepared, it has been stated that no translation can fully reflect the original Hebrew. In the event of any discrepancies, the Hebrew version prevails. This information is based on a press release.
This article was created with the power of artificial intelligence and reviewed by an editor. For more information, see our terms and conditions.