Kenny Rozenberg immigrates to Israel

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The father of El Al controlling shareholder Eli Rozenberg immigrated to Israel today and plans living in Jerusalem.

Kenny Rozenberg, the American billionaire father of Eli Rozenberg, who became controlling shareholder in El Al Israel Airlines Ltd. (TASE: ELAL) six months ago, has immigrated to Israel. He touched down at Ben Gurion airport this afternoon on an El Al flight from New York and was greeted by the airline’s management and received his ID papers and citizenship.

Kenny Rozenberg financed the El Al deal for his son and has so far Rosenberg’s parent company Kanfei Nesharim has invested $160 million in the airline in two rounds of public offerings on the Tel Aviv Stock Exchange (TASE).

That amount is expected to grow to $200 million after El Al receives an upfront payment of NIS 1 billion from the Ministry of Finance for fees for aircraft security over the next year. According to the package, the payment will be contingent on the controlling shareholder injecting more money into the company.

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