The board of directors of Netanel Group Ltd (TASE:NTGR) agreed to spin-off an unknown stake in Netanel Menivim Ltd. (TASE:NTNB) on February 26, 2023. Spin-off will be carried out by way of distribution in kind. Transaction will be subject to approvals from The Securities Authority and the stock exchange's approval, approval of financing parties who provided and/or will provide financing for the transferred assets.

As part of the split, shareholders who owns one share in Nathaniel Group, will be entitled to receive, in addition to the share of the company held by him, one share of Nathaniel Manibim. Transaction will not be completed until the end of March 2023 and/or until the date of publication of Nathaniel Group's financial statements for December 31, 2022, whichever is earlier. As of March 9, 2023, the financing parties gave their consent to the execution of transaction.

As on March 23, 2023, the audit committee and the board of directors of Netanel Group approved the transaction. Deadline for the entitlement of the ordinary shareholders of Nathaniel Group to receive the split shares is March 26, 2023. Spin-off will be carried out on March 29, 2023.