Medigus, EndoChoice plan New York listings
Medigus, a Tel Aviv Stock Exchange-traded company that has developed a device for treating acid reflux, said yesterday it would list its shares for trading in New York. The company said it filed May 6 to have its U.S. depository receipts traded on the Nasdaq, with each ADR representing 100 TASE shares. It is raising no capital via the listing, but Medigus said it would raise its international profile and call attention to its Muse system – an endoscopic device that treats gastroesophageal reflux disease. Medigus shares closed up 2.5% at 48 agorot (12 cents) in Tel Aviv yesterday. Meanwhile, EndoChoice, an Atlanta-based medical technology company that merged with Israel’s Peer Medical two years ago, filed with the SEC to raise $115 million in an initial public offering in New York. EndoChoice, whose biggest shareholders are Israelis Mori Arkin and Uri Geiger of the Accelmed investment fund, said it would use proceeds to finance development of its Fuse endoscopy technology. EndoChoice, which began as a marketer of medical devices, acquired the technology when it bought Peer. (Yoram Gabison)
Top Israeli on Wall Street leaves Deutsche Bank
Elad Shraga, often called the most senior Israeli on Wall Street, is leaving Deutsche Bank AG, where he had been head of structured finance since 2009, capping a 15-year career at the German bank. In a memo to employees, Deutsche Bank didn’t say where Shraga, 45, was going, but Bloomberg News cited unidentified sources as saying Shraga was leaving to manage a fund focused on credit and real estate in Europe, and has already raised capital. “Under his tenure, structured finance has become one of the world’s leading providers of commercial real estate finance, an award-winning arranger of asset- and mortgage-backed debt, and a market leader in corporate lending and structured credit solutions,” Colin Fan, cohead of Deutsche Bank’s investment bank, said in the memo. Shraga was born in Herzliya, received a bachelors degree in mathematics and worked in Israeli banks during the 1990s as a foreign currency trader. He joined Deutsche Bank in 2000, and three years later moved to New York. (Eran Azran)
Treasury begins work on ICL’s Dead Sea license
Treasury accountant general Michal Abadi-Boiangiu visited Israel Chemicals’ facilities over the weekend as she begins formulating the government’s policy on issuing a license to mine minerals from the Dead Sea. The license expires in 2030, but there is already uncertainty over how the government will act, especially after the Sheshinski 2 committee on natural resources policy released its recommendations. Because ICL has to make long-term investments to keep its Dead Sea facilities, questions about the license have cast a shadow over plans such as constructing a new power station on the sea’s north shore. Amid heightened concerns about business concentration, ICL is unlikely to have its licensed extended. But treasury sources said they do expect it to apply for a new license together with Potash Corporation of Saskatchewan, a minority shareholder that also controls Arab Potash, which mines minerals on the Jordanian side of the Dead Sea. ICL shares edged 0.4% higher to finish at 27.10 shekels ($7.02). (Ora Coren)
Wall Street, energy shares power TA-25 higher
A higher Wall Street and the government’s backtracking on plans to break up the natural gas cartel (see story on this page) gave a powerful lift to the Tel Aviv Stock Exchange yesterday. The benchmark TA-25 index ended 1.1% higher at 1,650.75 points, while the TA-100 added 1.2% to 1,436.46, on turnover of 520.4 million shekels ($134.7 million). Among the big gainers, Frutarom extended the roller-coaster ride it’s given investors, this time closing 3% higher at 154.50 shekels, after dropping sharply Thursday. Dual-listed shares rose on the back of Wall Street, with TowerJazz up 6.8% to close at 62.60 shekels and Elbit Systems ahead 2.8% to 307.60. Perion Networks marked its third session lower, shedding 2.8% to 13.83 shekels, making it the biggest loser along TA-100 stocks. In the fixed-income market, the government’s Shahar bond due in March 2024 rose 0.81%, cutting its yield to 1.63%. Fitch affirmed Israel’s A credit rating over the weekend. (Eran Azran).