Last week the fleet mobile resource management company spun off Shagrir on the TASE.
Pointer Telocation Systems Ltd. (Nasdaq:PNTR; TASE:PNTR) has filed a prospectus with the US Securities and Exchange Commission (SEC) to raise $25 million on Nasdaq. The move comes after the company successfully spun off Shagrir Group Vehicle Services Ltd. (TASE: SHGR) on the Tel Aviv stock Exchange last week. The funds being raised on Nasdaq are for general business purposes and recycling capital.
At the end of the first quarter Pointer had $8.9 million in cash. The prospectus allows Pointer to raise the capital through shares, options, rights or debt.
Based in Rosh Ha'ayin, Pointer offers mobile resource management services for vehicle fleets. The company's controlling shareholder is chairman Yossi Ben-Shalom and Barak Dotan's DBSI private investment company with a 30.4% stake. The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) owns 16.7% and Yehudit Yuval Recanati's Gandir investments (10.2%). Institutional investors in Israel and the US also hold small stakes.
Published by Globes [online], Israel business news - www.globes-online.com - on July 4, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Yossi Ben-Shalom