The TA Tech-Elite share price index includes the shares of the largest companies in the biomed and technology sectors and is the premium index representing these industries. The launch of the new index is the first step in implementing the recommendations of the Committee for the Promotion of Investments in Public Companies Engaged in R&D, which was convened by the Israel Securities Authority (ISA) and the Tel Aviv Stock Exchange (TASE) and which submitted a series of recommendations to encourage the listing of high-tech companies.
Ms. Hani Shitrit Bach, Head of the TASE Economic Department and co-chairman of the committee, remarked: “This past January the Committee for the Promotion of Investments in Public Companies Engaged in R&D submitted its final recommendations. With a view to render TASE a viable alternative for the financing of early-stage high-tech companies and to increase the likelihood that these companies will develop in Israel and not be acquired abroad, the committee recommended various solutions to ensure appropriate corporate valuation, the revision of regulatory requirements to better suit the characteristics of these companies and tax incentives to facilitate market growth. Today all parties: the ISA, TASE, the Ministry of Justice, Ministry of Finance and the Tax Authority are working together on drafting the necessary legislative amendments.
Today the implementation of the first recommendation has left the starting gate with the launch of the TA Tech-Elite index, which will focus on the shares of the largest biomed (12 in number) and technology (22 ) companies. It will facilitate exposure of institutional and retail investors alike to a package of high-tech companies.
It is anticipated that the new index will also be part of a new “Israeli High-tech” index, which will be calculated by a foreign index vendor and is expected to serve as the underlying asset for various index-tracking products. This will facilitate foreign investor exposure to Israeli high-tech as well.”
An opening bell ceremony was held at Oppenheimer Israel’s annual conference, which was attended by representatives from most of the companies comprising the index as well as by senior TASE staff members, representatives from Oppenheimer, the Vice Chairman of NASDAQ and Knesset Member Erel Margalit.
Pictured: MK Erel Margalit, Sandy Frucher - Vice Chairman NASDAQ, Amnon Neubach, Chairman of the Board TASE, Yossi Bienart TASE CEO, Robby Goldenberg - Senior Vice President, Head of Trading & Derivatives Department TASE, Avivit Mannet-Kalil and Harel Gillon, co-CEOs of Oppenheimer Israel and managers of the companies comprising the TA Tech-Elite index.
Photograph: PR
