Business in Brief: Tel Aviv Stock Exchange Finishes With Gains

Delek looking to sell remaining Tamar holding on European exchange ■ TowerJazz gets chip deal from Canada

File photo: Visitors stand in front of a stock market ticker screen in the lobby of the Tel Aviv Stock Exchange (TASE) on August 4, 2016.
Bloomberg

Delek looking to sell remaining Tamar holding on European exchange

Delek Drilling is seeking to sell off the remaining 22% of its holding in Israel’s Tamar offshore natural gas reserve, in keeping with the government’s requirements regarding concentration in Israel’s natural gas sector. The company, controlled indirectly by Israeli businessman Yitzhak Tshuva, is looking into selling its remaining 22% on the Euronext index. Based on the value of Tamar Petroleum, a publicly-held company created a year ago to enable Delek to sell off its holding, the sale would be worth an estimated $2 billion. Delek is expected to publish a draft prospectus in advance of the share and bond placement within the next few weeks. A source close to Delek stated, “This is one of the options being examined.” (Eran Azran)

TowerJazz gets chip deal from Canada

Israeli chip maker TowerJazz said on Tuesday it won a contract to supply chips to Canadian Lidar (light detection and ranging) maker LeddarTech. Financial details of the deal were not disclosed. LeddarTech’s lidar products enable active safety systems and semi-autonomous capabilities in vehicles, paving the way toward fully autonomous driving. Lidar is a detection system which works on the principle of radar but uses light from a laser and is considered important for autonomous driving due to its high resolution at long distances. (Reuters)

TASE finishes with gains

The Tel Aviv Stock Exchange finished Tuesday’s trading session with gains on the major indexes. The blue-chip Tel Aviv-35 Index gained 0.7% to close at 1,622 points, while the broader Tel Aviv-125 Index gained 0.6% to close at 1,464 points. Bank shares gained 1.6%, pulled upward by Bank Leumi, which gained 1.9%. Bank Hapoalim gained 1.7% and Discount Bank gained 1.5%. Teva Pharmaceuticals jumped 3%, putting it up 13% since Thursday. Israel Chemicals and parent company Israel Corp. gained 2.3% and 1.9%, respectively. Cannabis shares continued their sharp increases with Intercure gaining 8.5% on high turnover, Amir Marketing gaining 11%, and Together up 7%. Medway was up 21% for the day. (Guy Erez)