Teuza - A Fairchild Technology Venture Ltd. (TASE:TUZA) posted a profit of $2.7 million in 2010. Its cash reserves increased to $10.2 million at the end of the year from $2 million at the end of 2009, thanks to sale of its stake in Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) for NIS 4 million.
Teuza will distribute a dividend of NIS 7 million and buy back NIS 2 million worth of shares.
"Tueza had three successful exits this year, in which it reaped the fruits of its investments, and we want our investors to share in our successes in order to create value for the share," Teuza president and CEO Avi Kerbs said. "We will continue to make investments in 2011, and use the company's cash reserves for new investments. 2010 was a very fertile year for the company."
Teuza has invested $45 million in 20 companies to date, and realized 11 investments. Investments in 2010 include MediaBoost Ltd., Sagantec Ltd., Advanced Dicing Technologies Ltd., and DigiFlex Ltd. The company sold its holdings in Nova, Bioness Inc., and Persay Inc..
Teuza's share price rose 10.1% by midday to NIS 0.817, giving a market cap of NIS 76 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 29, 2011
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