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The Mivtahim Workers pension fund has signed an agreement to sell its 24.7% share in the Gmul Sahar Securities Brokerage Services investment company to American brothers Eddie and Jules Trump. The Trumps are currently completing their acquisition of a controlling interest in Gmul Sahar.

Their goal is to acquire 66% of Gmul's share capital for NIS 570-580 million, a price reflecting a 25% premium over Gmul's equity capital. Most of Gmul's shareholders have taken this opportunity to sell off at least two thirds of their shares to the Trump brothers.

Gmul's shareholders include

Bank Hapoalim

, which has direct holding of 8% of Gmul, and a 25% holding through its funds. Altogether, there are 150 different shareholders with holdings in Gmul.

Gmul's shares are due to be listed for trade on the Tel Aviv Stock Exchange towards the end of May of this year. As part of the listing, the company will also conduct a financing round as an attempt to disperse the shares more evenly.

Gmul is a multi-faceted investment company. It has holdings in



Gazit-Globe Real Estate Investments




Ness Technologies