Israel’s Clal buys 10% of Energean at London stock exchange listing

Israel’s Clal Insurance Enterprises Holdings invested over 100 million US dollars to acquire a ten percent stake of oil and gas explorer and producer Energean at a successful listing on the London Stock Exchange staged several days ago.

The listing was staged by Energean to raise funds for the development its offshore Israel Karish and Tanin gas fields.

As was reported by Israeli news publication Globes, Israeli firms invested a total of 140 million US dollars in Energean, Clal acquiring the biggest share among these investors.

Founded in 1987, Clal is active in a variety of sectors, including health insurance, pension programs, financial products, savings and innovations.

Clal is a member of the IDB corporate group, which holds a 50 percent stake in the company. Bank Hapoalim holds a further 10 percent stake in Clal, while the remaining 40 percent is owned by the Israeli State.

IDB also holds a 36.75 percent stake in the petroleum firm Modlin, active in the US market, as well as a 10 percent share of Israel’s Samson natural gas field, estimated to hold 550 billion cubic feet of natural gas.