Major Israeli retail banks, who hold liens on Gad Zeevi's stake in state-run telco Bezeq (TASE: BEZQ ), are exploiting the share's recent gains. The banks sold 900,000 of Zeevi's Bezeq shares in the past few days on the stock exchange floor, garnering NIS 5.6 million. The average selling price was NIS 6.25, 1% above the current price.
It should be noted that since reports of Bank of Israel's rate cut were first published, the ILEC's share has gained more than 10%, reaching levels of NIS 6.3-6.4. This follows a months-long 20% climb from a NIS 4.5 low. The banks have sold a total of 1.8 million of Zeevi's shares in the past few weeks, pocketing NIS 11.1 million.
Following the recent move, Zeevi holds 19.2% of Bezeq, or 462.7 million shares currently valued at NIS 2.86 billion.