This morning (3 August), the management of Carasso Motors opened trading on the occasion of its joining the TA-90 and TA-125 Indices in the Tel Aviv Stock Exchange, beginning on 6 August 2017.
Carasso Motors joined TASE in June 2011. Today, its market value is approx. NIS 2.7 billion, and its share's average daily turnover since the beginning of the year has reached approx. NIS 2.5 million.
Yoel Carasso, Chairman of the Board of Directors at Carasso Motors, and Itzik Weitz, CEO at Carasso Motors, said: "We are thrilled to set yet another cornerstone in the path of Carasso Motors, one of the most established companies in the Israeli market. We began our wonderful relationship with TASE when we went public in 2011. Since then, we have seen a considerable development, of which we are very proud. Over the years, the group's yearly turnover has grown from NIS 2.5 billion to NIS 4 billion, and the company's market cap grew to NIS 2.7 billion, even after we distributed approx. NIS 750 million in dividends to our investors. Being a leading actor in the local auto market, Carasso Motors meets the Israeli public in many interfaces. We regard the capital market as yet another important interface, which helps the company continue growing and developing its activity while making the public a part of its success."
Amit Rahmani, Head of TASE Indices: "TASE launched the indices reform in February this year. One of the innovations brought by the reform was the creation of a fast track for seasoned shares as well. This opened a window of opportunity for all the listed companies, which are not included in the indices. One of the main goals of the reform was to increase the free float rate among the listed companies, and a challenging threshold has been set at a minimum of 30% free float. Carasso accepted the challenge by making a significant move, which increased the free float rate to make the necessary threshold. Thanks to this move, the company will become this evening one of the 15 largest companies in the TA-90 Index, and one of the 50 largest companies in the TA-125 Index."
Pictured:
Itzik Weitz, CEO at Carasso Motors; Yoel Carasso, Chairman of the Board of Directors at Carasso Motors; Dror Shilo, CFO at Carasso Motors; Carasso Motors members of the board of directors;
Amit Rahmani, Head of TASE Indices and Ittai Ben Zeev, TASE CEO.
Photographer: Guy Assayag (photo free-of-charge).
