June 29, 2020 / 8:49 AM / 17 days ago

Israeli real estate firm Gazit-Globe to buy back $100 mln of shares

JERUSALEM, June 29 (Reuters) - Gazit-Globe, Israel’s largest real estate company, said on Monday its board approved a plan to buy back up to 20 million of its own shares comprising 11.67% of Gazit’s share capital.

The purchases will be made at 17.29 shekels per share for a total of 345.8 million shekels ($100.6 million), it said in a regulatory filing in Tel Aviv.

The price reflects the closing price of June 28 and is a discount of 42% from the price of six months ago.

Norstar Holdings Inc, which holds 58.33% of Gazit, intends to accept the offer at a level that will maintain its stake in the company, Gazit said. ($1 = 3.4379 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen)

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