June 13, 2018 / 5:55 PM / 3 months ago

Arison sells control of Israel's Shikun & Binui to Saidoff

TEL AVIV, June 13 (Reuters) - Arison Investments said on Wednesday it had agreed to sell its 47.5 percent stake in Israel’s largest construction firm Shikun & Binui Ltd to Naty Saidoff for 1.1 billion shekels ($306 million).

Arison said the decision to sell its controlling stake in Shikun & Binui, which has a market capitalisation of 2.7 billion shekels, was part of its global strategy to diversify its investments.

Arison has held shares in Shikun & Binui for 22 years and became controlling shareholder in 2007. Shikun & Binui employs 11,000 people and operates in more than 20 countries.

Shikun & Binui’s shares have fallen this year in the wake of an investigation into suspicions of bribery in Africa by current and former employees.

Shikun & Binui said it was conducting its own examination using an independent firm from abroad.

Saidoff, a U.S.-Israeli businessman, tried this year to buy Eurocom, the indebted parent company of Bezeq Israel Telecom .

Arison Investments, the investment arm of U.S.-Israeli billionaire Shari Arison, also holds a controlling stake in Hapoalim, Israel’s largest bank.

$1 = 3.5918 shekels Reporting by Tova Cohen Editing by Edmund Blair

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