The Recanati family is just waiting for the regulator's nod to sell control of IDB Holding Corporation (TASE:IDBH), but decided nonetheless to withdraw a massive NIS 100 million dividend from the IDB construction group Azorim.

IDB Holdings has no direct holdings in Azorim but controls IDB Development Corporation (TASE:IDBD) with a 58% stake. And IDB Development controls Azorim, with a 64% stake.

Ergo, 64% of that sum goes straight to Azorim's directly controlling shareholder, IDB Development Corporation (TASE:IDBD) and onto its parent company, IDB Holding Corporation.

Other beneficiaries are the provident funds of Bank Hapoalim and Bank Leumi, each of which hold 5% of Azorim's share capital.

The dividend has already been deducted in Azorim's statement for the second quarter. Without it, its accrued profits would have been NIS 411 million, meaning the company still has the potential to pay out more.

Announcement of the withdrawal came together with Azorim's financial statements for the second quarter, in which it revealed NIS 218.4 million revenues for the second quarter, up 40% from the parallel quarter of last year. Most of the increase was due to sales of land and buildings.

But soaring costs on buildings and land dragged down Azorim's net profit to NIS 4.2 million, from NIS 12.6 million in the parallel quarter.

After the dividend, the company's shareholders equity comes to NIS 1.32 billion. Its market cap is NIS 860 million.

The Recanati and Carasso families plan to sell control over the IDB group to a consortium consisting of Ganden Holdings, the Livnat family, and the Manor family.

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