Yeshiva student Eli Rozenberg buys El Al

Kanfei Nesharim company owned by 27-year-old US-born yeshiva student Eli Rozenberg buys controlling shares in El Al.

Tags: El Al
Arutz Sheva Staff ,

El Al
El Al

El Al raised NIS 505 million in a public offering of its shares this week. When the markets closed, company shares sold at a minimum price of 67.1 agurot per share.

Eli Rozenberg, a 27-year-old New York-born yeshiva student who lives in Jerusalem, became the owner of the company after he placed the only bid at the public offering at the Tel Aviv Stock Exchange.

Kanfei Nesharim, a company owned by Rozenberg, bought a controlling 42.85% of El Al's shares.

The purchase was part of a $400 million rescue package formulated by the Israeli Finance Ministry to bail out El Al, which had fallen $2 billion in debt.

"The results of the offering express investors' trust in the company's business plan and state assistance. For the money the state has invested, it will receive full capital rights to ensure a full return for the general public whose money has been invested, through the state budget, in the company's shares," the Finance Ministry said.

The Kanfei Nesharim company said in a statement: “First and foremost Kanfei Nesharim takes upon itself a great responsibility to restore the trust of passengers, and to ensure the jobs of thousands of El Al employees, and lead Israel’s airline into a secure future. Throughout recent months Kanfei Nesharim has proven its seriousness, commitment and financial ability to help rehabilitate El Al.”