BRIEF: Mozi Wertheim gifts Mizrahi Tefahot stake to his children
Feb 17, 2013 (Globes - McClatchy-Tribune Information Services via COMTEX) --
Mizrahi Tefahot Bank (TASE:MZTF) today notified the Tel Aviv Stock Exchange (TASE) that Moshe (Mozi) Wertheim has handed over all his shares in the companies holding, which hold part of the controlling stake in the bank to his children, David and Drorit.
Mozi Wertheim owns 22.3 percent of the bank through MWZ (Holdings) Ltd. and F&W LP. He handed over 63 percent of the two companies to David, and 37 percent to Drorit. He transferred the shares and the voting rights in the two companies for no compensation. The transfer is subject to approval by the Bank of Israel.
Mozi Wertheim will continue to serve as a director in Mizrahi Tefahot Bank after the transfer of his shares to his children.
Wertheim's partner in the controlling core in Mizrahi Tefahot Bank is Ofer Investments Ltd., controlled by Leora Ofer, with a 18.5 percent stake.
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