Ahava store in Jerusalem
Ahava store in JerusalemPhoto: Miriam Alster/Flash90

China’s Fosun International reported to the Tel Aviv Stock Exchange Thursday morning that it agreed to buy a 15% stake in the Dead Sea cosmetics manufacturer Ahava from B. Gaon Holdings Ltd.

The 290 million shekel ($76 million) deal is expected to be signed on Sunday. Other major shareholders in Ahava include the US Shamrock Fund, the Livnat family and Kibbutz Mitzpeh Shalem.

Ahava, which manufactures skin care products from Dead Sea minerals and mud in 30 countries around the world, has been the target of the anti-Israel Boycott, Divestment and Sanctions (BDS) movement due to the plant’s location along the Dead Sea at Kibbutz Mitzpeh Shalem, which lies over the 1949 Armistice lines.

While the company denies it is yielding to BDS pressure, it recently announced it may move its factory to an area outside of Kibbutz Ein Gedi.