The Tel Aviv 25 Index, beginning January 1, will not include three major companies, including one which has attracted considerable news coverage recently. The Tel Aviv Stock Exchange (TASE) board is expected to officially announce today the changes in its most prestigious index, and Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK), Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), and Koor Industries Ltd. (NYSE: KOR; TASE: KOR) are expected to be left out.
The stock exchange requires a public holding of at least 25% and a market cap of at least NIS 600 million for Tel Aviv 25 Index companies. The stock must also be one of the 75 most traded shares on the exchange.
Africa-Israel does not meet the market cap requirement, and Migdal and Koor do not meet the public float requirement.
The places of the three companies to leave will apparently be filled by Avner Oil and Gas LP (TASE: AVNR.L), Delek Drilling Limited Partnership (TASE: DEDR.L), and real estate giant Gazit-Globe Ltd. (TASE: GLOB).
Published by Globes [online], Israel business news - www.globes-online.com - on December 16, 2009
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