CAESAREA, Israel - Max Stock Limited (TASE: MAXO), an extreme value retailer based in Israel, disclosed on Monday that Migdal Insurance and Financial Holdings Ltd. has increased its stake in the company. On January 11, 2024, Migdal executed a transaction on the Tel Aviv Stock Exchange, purchasing 3,559,039 shares at an average price of ILS 7.08 per share.
Following this transaction, Migdal's total holdings in Max Stock amount to 8,964,273 shares, representing 6.43% of the company's share capital, or 6.37% on a fully diluted basis. This purchase positions Migdal as a significant shareholder, with its holdings being managed through profit-sharing life insurance policies and mutual fund management companies.
Migdal Insurance and Financial Holdings Ltd., a public entity, is notably under the ultimate indirect control of Mr. Shlomo and Ms. Haya Eliyahu, who hold a 64.28% stake. The company now holds more than 5% of Max Stock's share capital, primarily through life insurance policies and mutual funds it manages.
Max Stock is recognized as Israel's leading extreme value retailer, with a presence in 63 locations across Israel and two in Portugal. The company is known for offering a diverse range of quality products at affordable prices, aligning with their motto "Dream Big, Pay Small."
This announcement is an English translation of excerpts from a Hebrew immediate report published on the same day. While the translation has been prepared with care, it is stated that no translation can perfectly reflect the original Hebrew version. In case of any discrepancies, the Hebrew version prevails. This information is based on a press release statement.
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