Blue Square-Israel Ltd. (NYSE:BSI) yesterday announced that it has filed an application with the Tel Aviv Stock Exchange Ltd. (“TASE”) to list its ordinary shares on the TASE. The TASE listing is expected to take effect during the month of November.
The listing of Blue Square’s ordinary shares on the TASE was facilitated by recent changes in Israeli securities laws and regulations. Israeli companies whose securities are listed on one of the major U.S. stock exchanges are now permitted to list their shares on the TASE through a simple process which bypasses burdensome reporting requirements applicable to companies listed only in Israel, including the need to translate financial reports into Hebrew and to convert dollar-reported financial results into New Israeli Shekels.
Commenting on the news, Mr. Yoram Dar, Blue Square’s President and CEO, said, “Israel’s new dual listing legislation is an historic breakthrough for local capital markets, and we are pleased to be one of the first U.S.-traded Israeli companies to take advantage. Since Blue Square conducts business entirely in Israel, Israeli institutions and individuals are naturally our most interested investors. The TASE listing will make our shares more accessible to local investors, and also to European investors, who will now be able to trade our shares during their normal business hours. As a result, we believe the TASE listing will increase the overall volume of Blue Square share trading, and increase our trading liquidity.”
Blue Square is a leading retailer in Israel. A pioneer of modern food retailing in the region. Blue Square currently operates 169 supermarkets under different formats, each offering varying levels of services and pricing. For more information, please refer to Blue Square’s website at www.coop.co.il.
The statements contained in this release which are not historical facts contain forward-looking information with respect to plans, projections, or future performance of the Company, the occurrence of which involve certain risks and uncertainties, including risk of market acceptance, the effect of economic conditions, the impact of competitive pricing, supply constraints, the effect of the Company’s accounting policies, as well as certain other risks and uncertainties which are detailed in the Company’s filings with the Security and Exchange Commission, particularly the prospect to its public offering in July, 1996.