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Sampoerna Buying 20.2% of Harel

The Sampoerna family, one of the wealthiest in Southeast Asia, is buying 20.2 percent of Harel Insurance Investments of Israel.

The Hamburger family, which controls Harel, is selling 10.1 percent. The Sampoernas are buying the other 10.1 percent from Israel Discount Bank. Discount Bank is also receiving a put option to split its remaining 5.8 percent interest in Harel between the Hamburgers and the Sampoernas within a year. The Hamburgers' sale adds a foreign investor to the core of controlling shareholders.

Chairman Yair Hamburger commented: "We are pleased at the addition of the Sampoerna Group and are confident this is the beginning of a fruitful, long-term collaboration. I believe the combination of the company's experienced management, together with the great added value of the Sampoerna group in international markets, will contribute to expanding Harel's activity outside Israel in general and in Asia in particular."

Israel and Indonesia do not have diplomatic relations. However, sources close to the deal said it was coordinated with the foreign, justice and finance ministries, and that most likely it would receive the necessary permits. The deal remains contingent on certain terms and regulatory approvals.

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