Kenny Rozenberg, US businessman and controlling shareholder of El Al Israel Airlines Ltd has increased his stake in the airline from 39% to 45%, by converting warrants to shares.
Going ahead, Rozenberg has issued an offer to purchase an additional 5% of EL AI’s shares for up to NIS 36 million, through Kanfei Nesharim at a price of NIS 3.80 per share, similar to the market price.
This would bring his total holding in the company to 50%.
Rozenberg has invested NIS 360 million in El Al since 2020 and became the controlling shareholder to save the airline for collapsing during the pandemic.
Subsequently Rozenberg injected a further NIS 166 million into El Al for additional shares and extended the $70 million owner's loan.
Till date, Rozenberg has lost hundreds of millions of shekels on the investment.
However, with the world's airline industry returning to pre-Covid levels, El Al reported a $67 million net profit in the third quarter of 2022 on $626 million revenue.