Africa-Israel market cap overtakes Leumi

Africa-Israel has a market cap of $5.5 billion, , compared with $5.3 billion for Bank Leumi.

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) has overtaken Bank Leumi (TASE: LUMI) in market cap to become the fourth largest company on the Tel Aviv Stock Exchange (TASE). The jump in Africa-Israel’s share over the past year has boosted its market cap to $5.5 billion, compared with $5.3 billion for Bank Leumi.

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is the largest company on the TASE with a market cap of $30.5 billion. Israel Chemicals Ltd. (TASE: CHIM) is in second place with a market cap of $9.2 billion, and Bank Hapoalim (LSE: BKHD; TASE: POLI) is in third, with a market cap of $6.4 billion.

Africa-Israel is 30% below the $7 billion value set by chairman Lev Leviev to be achieved by the end of 2007. Most of the increase in the company’s value is attributed to the $3.8 billion pricing of the company’s assets in Russia by external valuers. Africa-Israel plans to float these assets on the London Stock Exchange shortly, and expects to obtain an even higher price tag in the IPO, thanks to management and reputation premium.

Published by Globes [online], Israel business news - www.globes.co.il - on April 5, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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