June 13, 2018 / 10:52 AM / 5 months ago

Tel Aviv bourse seeks to extend deadline for banks to sell shares

TEL AVIV, June 13 (Reuters) - The Tel Aviv Stock Exchange (TASE) has asked Israeli banks to extend the deadline for an agreement to sell their shares in the bourse until the end of August after the Israel Securities Authority requested more time to examine the buyers.

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 ($153 million). Another 21.8 percent is to be acquired by a number of international investors.

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.

“We have asked the banks to extend this deadline to the end of August,” a TASE spokeswoman said on Wednesday, adding that the Securities Authority has advised it needs more time to examine the international investors.

The First International Bank of Israel said in a statement it was examining the bourse’s extension request. ($1 = 3.5921 shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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