Kardan Rises the Most in a Month in Tel Aviv on Bank Stake Sale

Kardan NV (KRNV) gained the most in more than a month after the investor in real estate and financial services completed the sale of a stake in Russia’s Sovcombank ICB JSC.

The Amsterdam-based company’s stock jumped 5.8 percent, the most since April 22, to 2.484 shekels at the close in Tel Aviv. It surged as much as 8.7 percent earlier in the day.

The TBIF Financial Services BV banking and lending subsidiary has sold 50 percent stake in the Russian bank for 122 million euros ($151 million), Kardan said yesterday after markets closed.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net