The share price of Israeli renewable geothermal energy company Ormat Technologies Inc. (NYSE: ORA; TASE: ORA) is down 8.19% in premarket trading on Wall Street at $92 per share. The fall comes after Japanese company ORIX sold one third of its controlling stake.
ORIX sold 3.75 million shares to institutional investors for $90 per share for an overall $337 million.
ORIX Corp. (TSE: 8591) acquired a 22% stake in Ormat in 2017 from the FIMI Opportunity Fund and Bronicki family for $57 per share for a total investment of $630 million.
Ormat builds geothermal power station both for its customers and which it owns itself. The company’s share price closed 1.23% higher on Wall Street yesterday at $100.21, giving a market cap of $5.617 billion.
Published by Globes, Israel business news – en.globes.co.il – on November 17, 2022.
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