Zur Shamir subsidiary Direct Insurance coverage acquired Neema Shefa Israel in September final yr.
Zur Shamir Holdings (TASE: ZUR), managed by cousins Moshe and Doron Schneidman, has introduced that it’ll allocate 15.5% of the shares in Neema Shefa Israel Ltd. to Israel Discount Bank (TASE: DSCT) financial institution funding arm Low cost Capital. Neema gives a digital pockets utility that at present primarily serves international staff in Israel, for whom it’s tough to open an account at an Israeli financial institution. Low cost Capital is investing NIS 5.25 million in Neema at an organization valuation of NIS 28.5 million earlier than cash.
Neema is at present wholly owned by Direct Insurance – Financial Investments Ltd. (TASE: DIFI), wherein Zur Shamir has a 93% stake, with the remainder of the shares owned by Leumi Companions o fte Bank Leumi (TASE: LUMI) group.
Neema is regulated by the Capital Markets, Financial savings and Insurance coverage Authority. In its fourth quarter 2019 financials, Zur Shamir valued its funding within the firm at NIS four million, up from NIS 2 million within the earlier quarter. In its fourth quarter report, Direct Insurance coverage acknowledged that in September 2019 it accomplished a deal to purchase Neema Shefa Israel for $100,000, and that on the date of the report it had invested a complete of NIS four.7 million within the firm. Neema contributed NIS 2.2 million income to Direct Insurance coverage in 2019, however it was nonetheless making losses, as is to be anticipated from an organization of this type on the improvement and development stage.
Printed by Globes, Israel enterprise information – en.globes.co.il – on Could four, 2020
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Neema group / Photograph: PR