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Shareholder in Israel's Azrieli to sell shares to raise free float

Published 2016-03-29, 03:55 a/m
Shareholder in Israel's Azrieli to sell shares to raise free float
AZRG
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TEL AVIV, March 29 (Reuters) - The Azrieli Foundation
Canada, a shareholder in Israeli real estate developer Azrieli
Group AZRG.TA , plans to sell shares in the company ahead of a
reform in the indices of the Tel Aviv Stock Exchange.
As part of the reform, companies must have a share free
float of 30 percent versus 25 percent required currently.
According to the exchange, after the share distribution,
Azrieli's weight in the Tel Aviv 25 and Tel Aviv 100 indices
will increase.
The Azrieli Foundation Canada, which did not provide
details, said it undertakes not to sell any more Azrieli Group
shares for 90 days from the date of the tender.

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