June 14, 2018 / 7:48 AM / a year ago

Bank Leumi agrees to delay selling stake in Tel Aviv bourse

JERUSALEM, June 14 (Reuters) - Bank Leumi, Israel’s second-largest lender, said on Thursday it had agreed to a request by the Tel Aviv Stock Exchange (TASE) to extend the deadline for an agreement to sell its shares in the bourse until the end of August.

TASE on Wednesday asked Israeli banks to extend the deadline to sell their shares in the bourse until the end of August after the Israel Securities Authority requested more time to examine the international buyers.

Leumi has said it would sell its entire 9.3 percent stake.

That came after the TASE demutualised last September, became a for-profit bourse and offered to buy out its shareholders. It received commitments from member banks to buy back 71.7 percent of their shares and had until June 19 to complete this.

In April, U.S.-based investment fund Manikay Partners agreed to buy 19.9 percent of TASE in a deal valuing it at 551 million shekels ($154 million). Another 21.8 percent is to be acquired by a number of international investors.

The First International Bank of Israel has said it was examining the bourse’s extension request.

$1 = 3.5864 shekels Reporting by Steven Scheer

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