As part of the plan for a change in the Tel Aviv Stock Exchange (TASE) ownership structure, the idea of a future IPO for the TASE itself has already made quite a few headlines. Today, for the first time, TASE CEO Ittai Ben-Zeev mentioned a target date for the measure, which is slated for next year.
At a Dun and Bradstreet conference, in which "Globes" took part, Ben-Zeev said, "We're planning the TASE IPO in 2019, and it is expected to take place in Israel."
"Globes" recently revealed that the TASE had officially contacted all of its companies about purchasing the shares they held at a company value of NIS 500 million. After the Israel Securities Authority opposed the idea of the TASE holding its own shares and ruled that the TASE could only be an intermediary in a deal of this type, the TASE is offering to purchase the shares simultaneously with their sale to a third party during a three-month option period that the TASE will receive.
Ben-Zeev today added, "When the TASE is good and successful, it is good for the country's financial institutions and citizens, because all of them have indirect investments in the TASE, and some of them have direct investments. Insofar as the TASE becomes stronger, and the soundness of the Israeli economy is reflected in the TASE, the situation will be good. The amount of money possessed by financial institutions in Israel is constantly growing, and the money held by individuals is also substantial. It is important to connect our ecosystem to what the TASE has to offer in terms of variety of products."
As for future plans, Ben-Zeev said, "The financial institutions are looking for investments overseas. Instead of flying to all sorts of places, we're planning to bring the world to them - large and proven companies, not just in real estate, that are not connected to the Israeli economy, and in which the Israeli institutions can invest. The Israeli stock exchange also has advantages on an international level, and our growth potential is very great."
Published by Globes [online], Israel Business News - www.globes-online.com - on January 15, 2018
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