Israel’s Kardan Group announced today that it issued a prospectus to list shares of its Kardan N.V. unit on the Euronext Amsterdam market on or around July 10, 2003.
This listing is subject to the successful tender offer, announced today, for all outstanding ordinary shares of Tel-Aviv Stock Exchange-listed Kardan Ltd., which currently owns 100% of Kardan N.V.
Under the offer, each Kardan Ltd. share with a nominal value of NIS 1 will be exchanged for one Kardan N.V. share with a nominal value of €0.20.
Alongside its listing on Euronext Amsterdam, Kardan NV’s shares will also be traded on the Tel-Aviv Stock Exchange. After the tender, Kardan N.V. will own all of Kardan’s activities.
Kardan, an investment company, is active in real estate, financial services, infrastructure, automotive, and high tech/telecom sectors.
The company’s real estate, financial services, and infrastructure activities are conducted primarily in Central and Eastern Europe, and comprise more than 70% of the company’s current business.
“As an investment company with active management involvement, we want to raise our profile as an international player focussing on investments with high-growth potential in the European markets. We see a listing on Euronext Amsterdam as an excellent opportunity to benefit from the leading pan-European financial markets, to increase contacts with the international investor base, to increase our activities both organically and through mergers and acquisitions. This listing will provide us with the adequate tools to strengthen our expansion and maintain our growth rate which took us from a value of $3 million in 1991 to a current listed value of approximately $150 Million”, Kardan said in a statement.
A listing on Euronext Amsterdam will open new horizons for the company, with greater accessibility to the European business community, additional flexibility in structuring transactions, and greater visibility in the financial markets, the company says.
“Kardan’s strategy is to further develop its international operations, which will involve new relationships with financial and strategic institutions, additional investments, and new ventures,” Kardan said.
Van der Hoop Effektenbank NV will act as listing agent for Kardan. First Dutch Capital B.V. is corporate finance advisor to van der Hoop Effektenbank, while Houthoff Buruma is Kardan N.V’s legal advisor.
Published by Globes [online] - www.globes.co.il - on 19 June, 2003