By Steven Scheer
JERUSALEM (Reuters) – The Tel Aviv Inventory Alternate (TASE) stated on Thursday that listed corporations can be required to report dividends on a per share foundation, moderately than the general distribution quantity, the newest step by the Israeli bourse to align itself with international markets.
The measure, which nonetheless requires approval from the Israel Securities Authority and finance minister, would go into impact on Feb. 1, 2025.
“That is the frequent observe at main worldwide exchanges, together with in the US and the UK,” the TASE stated in a press release.
“This transfer is designed to encourage the exercise of overseas traders on TASE, thereby enhancing the liquidity within the fairness market, whereas additionally offering native and worldwide traders with certainty concerning the dividend per share quantity and permitting for a extra correct calculation of the ex-price.”
Greater than 75% of TASE-listed corporations already report the dividend per share quantity, it stated.
Below the directive, corporations will be capable of replace the ultimate dividend per share quantity till two buying and selling days previous to the file date.
The TASE on Wednesday stated it earned an adjusted web revenue of 27.8 million shekels ($7.6 million), up 7% over the yr earlier quarter, with income up 8% to 108.3 million shekels.
Within the first three months of the yr, the market cap of fairness companies rose 9% from the top of 2023 to 1.15 trillion shekels, with each day buying and selling quantity up 7%.
“It’s essential that the federal government proactively encourage investments within the Israeli capital market, which is a key part of Israel’s financial and nationwide resilience,” stated TASE CEO Ittai Ben Zeev.
He stated “decisive actions” have to be taken to take away obstacles and increase the attractiveness of investing in Israel and particularly for overseas traders.
Final week, the TASE stated it plans to change its schedule and add Friday to the buying and selling week in a bid to strengthen its international profile.
The alternate hopes a choice to shift away from Israel’s Sunday to Thursday work week to at least one that overlaps extra with Wall Avenue and European bourses will win inclusion in international index supplier MSCI’s Europe class.
($1 = 3.6692 shekels)