Kenny Rozenberg bets on El Al's booking boom

Looking at packed airports rather than the airline's debt and his past losses, El Al's controlling shareholder could increase his stake in the company to 75%. The past three years have been stormy for El Al, which was on the threshold of collapse following the outbreak of the Covid pandemic, which virtually closed down all its operations and required a state-backed rescue plan, including the injection of capital and a streamlining plan with hundreds of layoffs. US Jewish businessman Kenny Rozenberg, who has made his fortune from nursing homes, rehabilitation and medical treatment centers 'seized' the opportunity and took control of the airline during the crisis. After the previous controlling shareholder, the Mozes Borovitz family's Knafaim Holdings, gave up on the company, Rozenberg's Kanfei Nesharim replaced them through a share offering in which it injected NIS 360m into the company, while the state injected an additional NIS 120m. Rozenberg has continued to increase his gamble on the airline, and over 30 months has invested roughly NIS 800m in the purchase of shares, warrants and providing an owner loan to El Al, and he currently owns about 45% of the company's shares (while the state owns 13% of the shares). It seems that this is not sufficient for him. Earlier this week Rozenberg's Kanfei Nesharim submitted an offer to purchase up to 5% of El Al shares for NIS 36m, which would increase its holding to 50%. The state also lost on its investment in El Al. Story has more.<br/>