Discount Bank invests $ 32 million in observation satellite company Imgatsat

Discount Bank continues to deepen its business ties with the private investment fund Pimi, headed by Yishai Davidi. Discount Capital, Discount's real estate investment and investment banking arm, announced an investment of $ 32 million (approximately NIS 112 million) in exchange for a 17% allotment of the observation satellite company Imgatsat International (ISI), which it controls.
It involves injecting money into Imagesat as part of a share issue and at a value of $ 187 million after the money. Following Discount's investment, Phimie will continue to control the company with a 44% holding, alongside IAI which will hold 38% and other shareholders which will hold 1%.
For Phimie, this is a successful investment that offsets some of the more disappointing investments it has made in recent years that have been hit by the Corona crisis and some even earlier.
At Imagesat, Phimie entered the investment at the end of 2017 when it flowed $ 40 million in exchange for an allotment of 53.6% - at a value of $ 75 million. That is, the value at which Discount entered the investment embodies for Pimi a profit on paper of over 100%.
Discount Capital's investment will be used by Imagesat to complete EROS Next Generation's new satellite array, as well as to increase research and development activity in the areas of artificial intelligence and new space.
This direct investment by Discount Capital is the highest financial investment in the last five years since Himei-Alpert manages it. This is an investment in a financial volume that constitutes approximately 10% of Discount's share portfolio, which at the end of March 2020 amounted to approximately NIS 1.09 billion.
This investment joins an investment of several hundred million shekels in shares of companies such as Gad Dairies, Feldman Ice Cream, Dan Buses, Nima (a digital wallet company) and more. And also, for the provision of Maznin loans to Dan as well as to real estate companies and other infrastructure.