Dedi Borovich to buy Izzy Borovich shares of Knafaim-Arkia Holdings

Izzy Borovich, who is El Al's board chair and vice chairman of the mother company, Knafaim, confirmed that his brother will pay US$25 million for the shares
 
Izzy Borovich has agreed to sell his share of Knafaim-Arkia Holdings, the major shareholder in El Al, to his brother Dedi Borovich.
 
Izzy Borovich, who is El Al's board chair and vice chairman of the mother company, Knafaim, confirmed that his brother will pay US$25 million for the shares.
 
Earlier this year Izzy Borovich said he had exhausted the challenge of El Al - although he believed Knafaim and El Al still had growth potential.
 
Final agreement between the two brothers will be signed not later than 31st August 2008.