6 August 2017 - The managements of Atreyu Capital Markets, IES Holdings, the Israel Land Development and Carasso Motors opened trading this morning on the occasion of their joining - starting this morning - of TASE's flagship indices, the TA-125 and the TA-90.
The indices reform was launched by TASE in February this year, with its main goals being: reducing market concentration, increasing the number of companies included in TASE's indices, and increasing the companies' free float rate.
The market value of each of the three companies - Atreyu Capital Markets, IES Holdings, and the Israel Land Development - has risen significantly, and therefore they all moved from the TA-SME60 to the flagship indices. Carasso Motors significantly increased its free float rate, and therefore managed to move from the TA-Growth Index directly to the flagship indices.
Doron Segev, IES Holdings CEO: "Over the years, we have operated consistently and with determination to promote the company's businesses and to create value to our shareholders. We maintained constant profitability, made capital distribution of approx. NIS 150 million, and the company's value is now over NIS 800 million. We are proud to join today the leading index, TA-90. Our journey has been a long one, but we do not intend to rest on our laurels. We shall continue to improve our properties and broaden our activities."
Sharon Lavy, Unit Manager, Head of Derivatives and Indices at TASE: "We are delighted to open trading with these four companies that have joined TASE's flagship indices. The results of the indices reform, which had been launched in February this year, were quickly felt: Approximately 100 companies, which were not previously included in the TASE indices, have since joined its indices, and about 260 companies increased their free float market value by around NIS 26 billion. This included sell-offs of shares by interested parties for approx. NIS 9 billion. From the companies' point of view, this is a vote of confidence in TASE, and it is their contribution to the indices reform. I am certain that the investors will also benefit from your joining the TASE indices, and will be part of your success."
Pictured, from right to left:
Amnon Neubach, Chairman of the Board of the Tel Aviv Stock Exchange;
Dror Shilo, CFO at Carasso Motors;
Itzik Weitz, CEO at Carasso Motors;
Shimshon Marfogel, Deputy CEO at the Israel Land Development;
Shlomo Maoz, Chairman of the Board of Directors at the Israel Land Development;
Kim Shoham-Nir, Vice President of Regulatory Affairs at the Israel Land Development;
Doron Segev, CEO at IES Holdings;
Chaym Geyer, IES Holdings' Holder of Controlling Interest;
Tzahi Apeloig, Chairman of Atreyu Capital Markets;
Smadar Nimrodi-Rinot, VP Projects and Chairwoman of the Board of Directors at the Israel Land Development;
Daniel Nimrodi, Head of Urban Renewal and VP at the Israel Land Development;
Lior Ben-Artzi, CEO at Atreyu Capital Markets;
Tomer Katz, VP Investments and Business Development at the Israel Land Development;
Sharon Lavi, Head of Indices and Derivatives Unit at TASE;
Ittai Ben Zeev, TASE CEO.
Photographer: Guy Assayag (photo free-of-charge).