27 September 12 11:38–First Israel Mezzanine Investors Fund (FIMI) has sold its stake in Alon USA Energy Inc. (NYSE:ALJ) for $53 million, making a 130% profit on its $23 million investment in the company in March 2011.
FIMI bought Alon USA preferred shares at a conversion rate of $6.74 per share. The preferred shares also received an 8.5% dividend rate. FIMI has sold $40 million worth of Alon USA shares to date, and its remaining stake is currently worth $13 million.
Alon USA is a subsidiary of Alon Israel Oil Company Ltd., owned by chairman David Wiessman, and sister company of Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL)
FIMI CEO Ishai Davidi said, “FIMI has made its 37th sale with the sale of its investment in Alon USA. FIMI made the investment on the basis of its confidence in the management of the company headed by David Wiessman. The investment was made around the time of the crisis in the company due to the explosion at a US refinery. The company has returned to growth and published strong results, thanks to its good management.”…Read More>>