Dedi Borovich to buy Izzy Borovich shares of Knafaim-Arkia Holdings

Izzy Borovich, who is El Al's board chair and vice chairman of the mother company, Knafaim, confirmed that his brother will pay US$25 million for the shares
02.06.08 / 00:00
Izzy and Dedi Borovich
02.06.08
Izzy and Dedi Borovich
•

Izzy Borovich, who is El Al's board chair and vice chairman of the mother company, Knafaim, confirmed that his brother will pay US$25 million for the shares
 
Izzy Borovich has agreed to sell his share of Knafaim-Arkia Holdings, the major shareholder in El Al, to his brother Dedi Borovich.
 
Izzy Borovich, who is El Al's board chair and vice chairman of the mother company, Knafaim, confirmed that his brother will pay US$25 million for the shares.
 
Earlier this year Izzy Borovich said he had exhausted the challenge of El Al - although he believed Knafaim and El Al still had growth potential.
 
Final agreement between the two brothers will be signed not later than 31st August 2008.
 

 

More articles that may interest you
The company will operate two weekly charter flights from Tel Aviv to Moscow, beginning in June
Israir: 2 weekly charter flights to Moscow
Sun D'Or was given the Antalya, Bratislava and Zagreb routes. Israir - the London and Rome routes - and Arkia the Barcelona and Madrid routes
Arkia, Israir and Sun D'Or were given flight rights to European destinations
El Al has secured options for two additional 777s and holds conversion rights for the 777-300ER. The order is valued at $850m at list prices
Boeing & El Al Israel Airlines Finalize Order for Four 777-200ER
Foreign carriers operating in Israel have welcome the proposal to allow overnight flights. The Ministry anticipate growth of 20% in the number of coming tourism
Tourism Ministry: increase in tourism if overnight Flights are allowed
Every airline operating around the world cease issuing tickets in that form. As of June 1, all Israeli flights will use only electronic tickets
IATA: The era of paper airline tickets in Israel is about to end
Fares will rise by an average of 6.5%. In addition the airline it will increase its fuel surcharge by 15 to 40 dollar per flight segment
El Al increases fares again
More news from Air Transport Section
>El Al Cargo announced higher summer freight rates/28.04.08 >Air Europa to replace Air Madrid on Madrid-Ben-Gurion route/28.04.08 >Izzy Borovich to sell Knafaim stake to his brother/14.04.08 >New civil aviation agreement was signed between Israel and Italy/14.04.08 >El Al considering to end freighter flights to Asia/14.04.08 >El Al to mark Israel's 60th Independence logo on its aircraft fleet/07.04.08 >EL AL released best ever quarterly financial results/31.03.08 >Civil Aviation Authority: Israeli aircraft fleet has 53 planes/31.03.08 >El Al Buys 4 Boeing 777s, investing USD$540M/24.03.08 >Antitrust Commissioner to place the Israeli aviation industry under antitrust supervision/24.03.08