Israeli Businessman Aaron Frenkel Takes 13% Stake in Troubled Drone Maker Aeronautics
The Israeli company closed 25.4% up on Tel Aviv after reporting the news Sunday. On Monday, Israel Securities Authority agents raided the company's offices in connection with an investigation that has been ongoing since September 2017
Hezi Sternlicht, Golan Hazani, and Tomer Ganon | 12:54 31.12.2018
Israel-based drone maker Aeronautics Ltd. was up 25.38% on the Tel Aviv Stock Exchange on Sunday market close, after reporting that on Friday, a Panamanian company by the name of ERJ-145 NUA Inc. acquired a 9.99% share of its stocks. The company bought almost 5.5 million shares at NIS 7.69 per share. On Monday, Aeronautics reported that the company acquired another 1.8 million shares at NIS 8.41 per share, bringing the company's stake to 13.32%, and disclosed the name of the controlling shareholder of ERJ-145—Israeli businessman and billionaire Aaron Gover Frenkel.
For daily updates, subscribe to our newsletter by clicking here.Frenkel, who lives in Monaco, is the owner of Loyd's Group of Companies, which invests and owns assets in the domains of real estate, civil aviation and aerospace, energy, and technology.