Sarine to Float Shares on Tel Aviv Stock Exchange

RAPAPORT… Sarine Technologies plans to list its shares on the Tel Aviv Stock Exchange, aiming to widen its access to investors around the world.

The move would leave the Israel-based company with two listings, as its stock is already traded on the Singapore Exchange. Both bourses recently allowed companies to float on a second exchange. Sarine, which supplies manufacturing equipment to the diamond industry, expects to complete the process during the second quarter of this year, it said Wednesday.

“We believe that taking [advantage] of the newly approved dual-listing facility will increase our company’s exposure to a broader investing public, facilitate liquidity, and enhance shareholder value,” said Sarine executive chairman Daniel Glinert.

Sarine first went public on the Singapore Exchange in April 2005, and will maintain the venue as its primary listing. However, offering shares in Tel Aviv will enable it to capitalize on growing interest in the business and its stock within Israel, the company explained. More favorable time differences will help it penetrate the American investment market, Sarine added: Israel is only seven hours ahead of New York, whereas the gap between the US East Coast and Singapore is currently 13 hours.

Image: The opening bell at the Tel Aviv Stock Exchange. (Shutterstock)