Lipman Electronic Engineering Ltd (LPMA) (LPMA)

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Lipman exit made second quarter for Mivtach Shamir
15.8.2005 / 15:02
Nathan Sheva

Selling shares in Lipman Electronic Engineering (Nasdaq, TASE: LPMA ) made the second quarter for Mivtach Shamir Holdings (TASE: MISH ).

Mivtach Shamir, controlled by Meir Shamir, also sold shares in Wizcom and in provident funds, increased its holdings in Gilat Satellite Networks (NASDAQ:GILTF) and joined the controlling interest in Israel Salt Industries (TASE: SALT ), which owns 7% of Bank Hapoalim (TASE: POLI ). Two weeks ago Mivtach Shamir announced an agreement to invest in Elbit Vision Systems (Nasdaq:EVSNF.OB) as well.

On Monday the company reported netting NIS 87.4 million in the second quarter of 2005, mainly thanks to the Lipman exit.

It also announced an NIS 17 million dividend for shareholders.

In June Lipman's shareholders offered to repurchase stock and Mivtach Shamir sold $37 million worth, bringing it an NIS 90 million capital gain in the second quarter. It still owns a 13% stake in Lipman, which makes terminals for smart and credit card processing.

Wizcom, maker of the Qwicktionary translation pen, brought Mivtach Shamir NIS 2.1 million in capital gains.

For the first half of 2005 Mivtach Shamir reported NIS 89 million profit.

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