April 16, 2018 / 5:58 PM / in 8 days

Manikay to buy 19.9 pct of Tel Aviv bourse, public to buy 30 pct

JERUSALEM, April 16 (Reuters) - U.S.-based investment fund Manikay Partners LLC will buy 19.9 percent of the Tel Aviv Stock Exchange (TASE) at a valuation of 551 million shekels ($156 million) while at least 30 percent of the Israeli bourse will be sold to the public.

Another 21.8 percent will be acquired by a number of international investors, TASE said on Monday.

“We believe the entry of international investment groups ... combined with a significant share held by the public is the most appropriate structure for the local stock exchange and one that would support its continued development and growth,” said Ittai Ben-Zeev, the TASE’s chief executive.

The public’s shares will be entrusted to a trustee until their distribution, which is expected to take place in the fourth quarter of 2018 through a direct placement.

The TASE last September demutualised and became a for-profit bourse and offered to buy out its shareholders. In February, it said it had commitments from member banks to buy back 71.7 percent of their shares.

At the time, a source said more than 10 foreign stock exchanges had shown interest in buying a controlling stake in the TASE.

$1 = 3.5283 shekels Reporting by Steven Scheer Editing by Tova Cohen

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