Trendlines shelves plans to dual-list on Tel Aviv bourse

Trendlines had previously announced in April that it was pursuing a dual primary listing in Israel. PHOTO: AFP

SINGAPORE (THE BUSINESS TIMES) - Singapore-listed The Trendlines Group said on Thursday (July 22) that it will drop its plan for a proposed dual primary listing and securities offer on the Tel Aviv Stock Exchange (TASE) in Israel.

In an exchange filing, the Israel-based company said that it made the decision following "further assessment of various factors, including prevailing general economic and capital market conditions which were not favourable to the company".

It added: "Notwithstanding the discontinuation of the proposed TASE listing at this time, the group will continue to assess all avenues and opportunities to support the growth of the group, with the aim of enhancing long-term shareholder value."

Trendlines, which is an investor in early-stage companies, had previously announced in April that it was pursuing a dual primary listing in Israel, which it said will be beneficial for the company, and is in the interest of shareholders.

Trendlines chief executives previously told The Business Times in an interview that there is greater familiarity in Israel than Singapore for companies with similar business models.

The company had also said in April that it expected institutional investors to participate in the proposed securities offer that was to take place in conjunction with the proposed TASE listing.

Last month, Sarine Technologies, another Israel-based company listed in Singapore, said that its application for a dual listing on the TASE had been approved. Trading of its shares on the TASE started on July 5.

In Thursday's announcement, Trendlines also reaffirmed that the acquisition of a portfolio company, previously announced in April, remains current. It noted that the parties are still in talks on the signing of a definitive agreement in due course.

Trendlines shares closed at 10.3 cents on Friday, down 6 per cent, or 0.7 cent.

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