Kenny Rosenberg, the frum nursing home magnate who bought a controlling share of El Al Airlines, has increased his stake in the company from 44.95% to 49.95%, with the additional shares purchased at a price of 4.20 shekels. Rosenberg became the airline’s controlling shareholding in 2020 when he bought 360 million shekels worth of its stock in a Tel Aviv Stock Exchange (TASE) offering intended at saving the failing airline from collapse due to the Covid pandemic. He subsequently infused an additional 160 million shekels into the company for additional shares. Rosenberg’s new shares were bought from Israel’s government, which saw its stake in the airline fall from 11.80% to 10.13%, as well as the Borowitz family, whose shares of the company decreased from 6.19% to 5.24%. According to reports, Rosenberg has lost hundreds of millions of shekels on his investment to date, but is banking on a resurgent tourism boom to make his investment profitable. (YWN World Headquarters – NYC)
The post FLYING HIGH: Kenny Rosenberg Increases His Stake In El Al By 5% appeared first on The Yeshiva World.