The Ministry of Justice was delaying the company’s exemption from the obligation to report covert defense activities. The stock market may be booming but the initial public offering of Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) on the Tel Aviv Stock Exchange (TASE) has been discontinued. Sources told “Globus” that the offering, which will generate billion dollars in sales to state coffers, is being stuck due to the Justice Ministry’s slowness on the issue of confidentiality and the exemption from the duty to report confidentiality. Activities. As far as is known, this issue as well as the requirement for the Workers’ Committee to sign a collective agreement barring completion of the draft IAI Circular, which was supposed to be ready at the end of February. A future date has not been set for completing the draft prospectus, and there has also been a delay in choosing the underwriter to support the bid, although capital market sources still believe that the auction will end in the coming weeks, on the specified date. The IAI has been heading intensely toward a public offering over the past two years with what appeared to be the final bureaucratic hurdle being overcome in November 2020 when the Ministerial Privatization Committee agreed to sell 25% of IAI’s shares to the public at a valuation of close to $ 4. One billion. The IAI IPO has generated tremendous public interest, and TASE CEO Itay Ben Zeev told Globus that he hopes the offer will be open to international investors. Posted by Globes, Israel business news – en.globes.co.il – on March 15, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021 Israel Aerospace Industries UAV / Photo: IAI
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