Discount Investment Corporation Ltd. (), or DIC, is a

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

based in Israel. The company is listed on the

Tel Aviv Stock Exchange The Tel Aviv Stock Exchange (TASE; ), colloquially known as The Bursa, is the only public stock exchange in Israel and a public company itself, listed on its own exchange since August 1, 2019. It is regulated by the ''Securities Law (1968)'' a ...

and is a constituent of the

TA-125 Index The TA-125 Index, typically referred to as the Tel Aviv 125 and formerly the TA-100 Index, is a stock market index of the 125 most highly capitalised companies listed on the Tel Aviv Stock Exchange (TASE). The index began on 1 January 1992 with a ...

. The company is controlled by , which itself is held by IDB Holding Corporation Ltd. (). DIC also holds stakes in a number of companies, including

Elron Electronic Industries Elron Ventures (formerly Elron Electronic Industries Ltd.) is an Israeli technology holding company based in Tel Aviv; since 1962 the company has been involved in setting up, funding and developing over 30 companies and is considered one of the ...

, Cellcom Israel, and

Israir Israir Airlines Ltd., more commonly referred to as Israir, is an Israeli low-cost airline headquartered in Tel Aviv. It operates domestic scheduled and air taxi flights from Ben Gurion International Airport, Ramon Airport, and Haifa Airport as wel ...

History

Discount Investment Corporation was founded in 1961 as an investment vehicle of the Recanati family, which at the time were owners of the

Israel Discount Bank Israel Discount Bank, Ltd. () is an Israeli banking institution that offers a range of financial services, including retail banking, commercial banking, private banking, and financial services. The bank, headquartered in Tel Aviv, operates 112 ...

, itself founded by the family in the 1930s after emigrating from Greece during the British Mandate of Palestine. The family business were controlled by umbrella company IDB Holding Corporation (IDB standing for Israel Discount Bank) founded in 1969. In 2002 the company sold its holdings to a group of investors headed by

Nochi Dankner Nochi Dankner (; born 13 November 1954) is an Israeli businessman and a board member of the Jewish Agency for Israel. He was the controlling shareholder of the IDB Group. Dankner is also the founder and chairman of the Ganden Group - which led ...

. In September 2012, Discount Investment Corporation and its parent company IDB Holdings had a "going concern" warning attached to their second-quarter financial reports by the group's auditors, who doubted the company can meet all its debt-repayment obligations in the foreseeable future. Bondholders of the company's debt started the process of taking control over the company. The company was then taken over by Argentinian businessman

Eduardo Elsztain Eduardo Sergio Elsztain (born January 26, 1960) is a prominent Argentine businessman who is his country's largest real-estate developer. According to ''The Jerusalem Post'', Elsztain "stands atop Argentina's largest business empire, the country's ...

External links

References

{{Authority control Holding companies of Israel Holding companies established in 1961 Israeli companies established in 1961 Recanati family