18 months after getting cold feet, and postponing its planned IPO, due to falling prices for technology shares that led to low demand for issues, Shrem Fudim Kelner Technologies Ltd. (TASE:SFKT) subsidiary Advanced Dicing Technologies Ltd. (ADT) will again try to float on the Tel Aviv Stock Exchange (TASE).
ADT’s value is currently estimated at NIS 85 million. The company plans to raise NIS 35-40 million in shares and convertible bonds. Shrem Fudim Kelner & Co. (TASE:SFK) subsidiary Leader Holdings and Investments Ltd. (TASE:LDER) will lead the issue of its sister company.
ADT was founded two and a half years ago on the ruins of Kulicke and Soffa Industries Israel. Run by president and CEO Yaron Barkan, ADT develops, manufactures and markets dicing saws and blades for the electronics components industry. The company has registered 12 patents to date.
The company’s business is divided between two main factories. The Haifa factory develops and makes dicing saws, and the Yokne’am factor makes dicing blades. The company exports to the Far East, North American, and Europe. The company is expected to post $25 million in sales in 2005. It posted a net profit of $1 million in January-September 2005.
SFK Technologies investments in high-tech companies and venture capital funds. It is a subsidiary of Shrem Fudim Kelner & Co., controlled by chairman Itschak Shrem and vice chairman Reuben Zimmerman. Shrem Fudim Kelner & Co. has a market cap of NIS 311 million. Shrem Fudim Kelner & Co. owns 29% of ADT, including 23% held through SFK Technologies, and 6% through Platinum Neurone Ventures.
Published by Globes [online], Israel business news - www.globes.co.il - on January 17, 2006