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Ormat Industries Gains Most in Six Months After Sale, Profit

March 18 (Bloomberg) -- Ormat Industries Ltd. gained the most since September after the developer of geothermal power plants agreed to sell a stake and reported a fourth-quarter loss that narrowed.

The shares jumped 6.5 percent, the biggest surge since Sept. 27, to 18 shekels at the 4:30 p.m. close in Tel Aviv.

Fimi Opportunity Funds will purchase a 12 percent stake in Ormat for about 297 million shekels ($79 million). Ormat said it will sell about 13.7 million shares for 21.7 shekels each.

Separately, the company said it had a fourth-quarter loss of $24.9 million after a loss of $44.3 million a year earlier.

To contact the reporter on this story: Claudia Maedler in Dubai at cmaedler@bloomberg.net

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

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