Moked Ituran Ltd. Notified the Company on the Sale of Company' Shares Representing 6.8% of the Issued Share Capital of the Company

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Sep 16, 2014, 06:15 ET

AZOUR, Israel, September 16, 2014 /PRNewswire/ --

Ituran Location and Control Ltd. (NASDAQ: ITRN) (the "Company") announces that F.K. Generators and Equipment Ltd., has sold today, through Moked Ituran Ltd 1,431,000 ordinary shares of the Company with par value of NIS 0.33_1/3 each at a price of NIS 74.00 per share, representing 6.8% of the Company's issued share capital.

"The management of Ituran feels it is important for the following clarification to be made," commented Eyal Sheratzki, co-CEO of the Company, "Moked Ituran has three primary shareholders: F.K. Generators & Equipment Ltd., Yehuda Kahana Ltd. and entities controlled by the Sheratzky Family, the latter of which also is part of the management of Ituran. The agreement among the shareholders of Moked Ituran, provides a mechanism for any partner to sell its respective shares in Ituran independently of the others. F.K. Generators decided to exercise its right and sell its respective stake in Ituran due to its own particular financial needs. Moked Ituran therefore sold a portion of its holdings in Ituran's shares, represented by F.K. Generators' holdings in Moked Ituran. As a result of the sale, Moked Ituran's stake in Ituran was reduced by 6.8% to 19.4%. The controlling shareholders of Moked Ituran have pointed out that the sale of Ituran's shares by Moked Ituran was due to the personal decision of one of its three shareholders, and that the remaining shareholders of Moked Ituran, namely the Sheratzky Family and Mr. Yehuda Kahana, currently have no intention to cause Moked Ituran to change its remaining 19.4% stake in Ituran and they remain fully committed to the Company, its long term vision and success."

International Investor Relations
CCG Israel
Ehud Helft
[email protected]
Kenny Green
[email protected]
Tel: +1(646)201-9246

SOURCE Ituran Location and Control Ltd