El Al controlling shareholder raises stake after buoyant stock performance

Israeli flag-carrier El Al’s controlling shareholder, Eli Rozenberg, has exercised stock options, taking his interest in the airline to 49.46%. El Al’s share price has surged – more than doubling since mid-June last year – following a robust financial performance. The airline has benefited strongly from depleted competition as rival carriers reduced operations to Israel in the wake of the Gaza conflict. Its share price, however, has recently dipped as a ceasefire agreement emerged. Cessation of hostilities could lead to restoration of services by foreign airlines. According to an update from the Tel Aviv stock exchange, Rozenberg exercised options on nearly 14.3m shares, at a transaction price of 2.11 shekels, on 16 January. This compares with the El Al share price of 8.55 shekels ($2.38) on the same date. El Al has yet to disclose its full-year 2024 financial figures, but the airline generated a third-quarter pre-tax profit of $246m and an overall nine-month pre-tax surplus of $538m.<br/>