June 20, 2018 / 6:34 AM / 3 months ago

Discount Investment to sell controlling stake in Israel's Shufersal

JERUSALEM, June 20 (Reuters) - Discount Investment Corp said on Wednesday it will sell its controlling stake in Shufersal, Israel’s largest supermarket chain, to institutional investors.

Following an auction to investors, Discount said it will reduce its stake in Shufersal to 33.56 percent from 50.12 percent. The shares will be sold at 21.83 per share and Discount will receive 854 million shekels.

Discount expects to record a capital gain of 1.28 billion shekels ($353 million) in the second quarter of 2018. It also agreed not to sell further shares in Shufersal for three months, it said in a statement to the Tel Aviv Stock Exchange.

Shufersal’s shares closed at 22.06 shekels on Tuesday.

$1 = 3.6293 shekels Reporting by Steven Scheer

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