El Al. Photo: PassportNews Israel's national airline El Al has informed the Tel Aviv Stock Exchange that it has received the consent of the holder of the special state share to allow permit holders Kenneth Neil Rosenberg and Eli Zacharia Rosenberg to purchase and hold the company's shares, either directly or through the companies "Kanfei Nesharim Aviation Ltd." and "Kanfei Nesharim Aviation Holdings" (a registered partnership).
The permit includes the option to hold at a rate that grants control over El Al. The announcement also stated that the permit holders and the companies they own must comply with all the terms and conditions set forth in the agreement. It was further noted that the consent represents a new approval that would replace the agreement granted in May 2021, which then allowed the Rosenberg family to purchase El Al shares only through the "Eagles Wings" company.
As of the date of the announcement, Eli Rosenberg holds 45.4% of El Al shares, with a market value of approximately NIS 3.35 billion ($1.03 billion). The company's total market value on the stock exchange currently stands at approximately NIS 7.7 billion ($2.36 billion).
El Al's stock has recorded a jump of approximately 68.9% since the beginning of the year, but since the beginning of October, it has lost 11.2% of its value, due to volatility in the capital market and jet fuel prices .
The new agreement strengthens the Rosenberg family's position as the dominant controlling shareholders of El Al and marks another step in the airline's continued stabilization after years of crisis and challenges in the aviation industry.