Sefen Industries and Investments Ltd. (TASE:SEFN) reported after closing of trading today on the Tel Aviv Stock exchange that the Israel Securities Authority conducted a search of its offices today.

The company's share price has been extremely volatile over the past week. The share rose by 32% today to complete an 80% rise over the past two days. Behind the rises are rumors that may have been spread by speculators.

One rumor yesterday was that Aharon Cohen, who holds tens of millions of shekels worth of shaes of gas exploration company Ratio Oil Exploration Ltd. (TASE:RATI.L, and controls Sefen, plans placing them within the stock exchange shells of Sefen, which was formerly a formica manufacturer.

Last week Sefen's shares also rose strongly after the company announced it was buying 10% of the rights of the Sarit gas exploration license for NIS 1.67 million. However, the company lost all its gains after the Ministry of National Infrastructures announced it was not sanctioning the deal.

Published by Globes, Israel business news - www.globes-online.com - on September 20, 2010

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