Mivtach Shamir subsidiary Shamir Energy invests in energy production from both conventional and renewable sources.
The energy market is once more interesting investors. Clal Insurance Enterprises Holdings (TASE: CLIS) will invest up to NIS 319 million in Shamir Energy, a subsidiary of Mivtach Shamir Holdings (TASE: MISH), which is active in technology, energy, real estate, and finance. Clal Insurance will invest NIS 306.3 million for 20% of Shamir Energy, and will invest a further NIS 12.5 million if Shamir Energy reaches certain targets. The investment thus values Shamir Energy at NIS 1.6 billion, before the money.
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The announcement of the investment sent Mivtach Shamir’s share price up 16.5% yesterday, giving it a market cap of NIS 1.18 billion. The share price has risen 57% in the past year. The main shareholders in the company are its CEO Meir Shamir, with a 40% stake, Clal Pension and Provident Funds (12.4%), and Leon Recanati (9.25%)
Shamir Energy deals in energy production from conventional, solar, and bio-gas sources and energy storage. It has invested in the Alon Tavor combined cycle power plant, and in Kesem Energy.
Published by Globes, Israel business news – en.globes.co.il – on February 19, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
Meir Shamir credit: Cadya Levy