The Ticker

Business in Brief: Shares Edge Lower in Tel Aviv Stock Exchange

Summit Real Estate’s new bond offering snapped up by institutional investors ■ Brenmiller Energy raises $44 million in institutional stock offering phase ■ Psagot launches algorithmic trading venture

An electronic board displaying market data is seen at the entrance of the Tel Aviv Stock Exchange, in Tel Aviv, Israel January 29, 2017.
BAZ RATNER/REUTERS

Summit Real Estate’s new bond offering snapped up by institutional investors

Summit Real Estate Holdings, which does business primarily in Germany, held the institutional phase of its new Series Tet bonds on Sunday with the aim of raising about 200 million shekels ($56 million). The offering attracted bids for 866 million shekels and in light of the demand, Summit opted to raise 304 million shekels at a 0.95% interest, lower than the maximum it had been offering. The company will shift to the public phase of the offering now in an effort to raise another 56 million shekels for a total of 360 million – 80% more than its initial plans. Overall in July, companies raised about 6.1 billion in bond offerings on the Tel Aviv Stock Exchange, about a quarter of which was raised by Tamar Petroleum. (Guy Erez)

Brenmiller Energy raises $44 million in institutional stock offering phase

Brenmiller Energy, which was founded by the former CEO of solar-power firm Siemens CSP, raised about 44 million shekels ($12.4 million) through the issuance of shares in the institutional stage of its stock offering on Sunday. The offering was at the minimum company valuation of 150 million before the new cash injection, lower than the company’s initial hope of a 200 to 250 million valuation. Rosh Ha’ayin-based Brenmiller Energy, will seek to raise another 16 million in the public phase of the stock offering. Founded in 2012, Avi Brenmiller has invested 130 million shekels in the venture, which has developed technology capable of storing energy from a variety of sources, including solar, wind and biomass and to supply electricity through steam generation. The company is seeking to generate low-cost electricity. A portion of the proceeds from the share offering are to be used to build its Rotem 1 solar power plant, which is slated to be up and running in 2019. (Guy Erez)

Psagot launches algorithmic trading venture

The Psagot investment firm has teamed up with the fintech firm TipRanks in a new venture that will enable the Psagot’s investment managers to use analysis based on databases and big data on the internet in their decision making and in their search for investment opportunities. TipRanks, which is based in Tel Aviv and was founded in 2012, has developed systems to track the activities of interested parties in the corporate sector, to rank the work of financial analysts and examine the mix of assets in hedge funds, among other functions. The company’s products are in use at a number of major financial institutions abroad, including the Nasdaq exchange and Santander Bank. Investors in the company include Bank Hapoalim and former New York Governor Eliott Spitzer. (Eran Azran)

Shares edge lower in the TASE

The leading indexes on the Tel Aviv Stock Exchange slipped in trading Monday. The benchmark Tel Aviv 35 index closed 0.17% lower at 1,447.14 points while the Tel Aviv 125 index ended the day at 1,296.95, off 0.15%. The Banks 5 index fell by 0.5% to 1,746.55. The Communications and Information Technology index fell by 1.18% to 853.70. Trading volume for the day was 996 million shekels ($280 million). Shares of companies associated with Shaul Elovitch, the beleaguered controlling shareholder of Bezeq, which is facing investigation over suspicions of securities offenses, resumed their sharp descent on Monday after recovering Sunday on reports of negotiations between Elovitch has his creditor banks over talks on debt rescheduling, which would be expected to include the sale of a stake in Bezeq. Shares of Bezeq closed at 5.29 shekels, down 3.4%. As on Sunday, it was the most heavily traded share on turnover of nearly 65 million shekels. Among gainers for the day was Union Bank, which closed at 18.32 shekels, up 6.33%, in part over an announcement by competitor bank Mizrahi Tefahot that it was in negotiations to gain control of Union Bank. (See story on this page). (Uri Tomer)