December 14, 2016 / 11:56 AM / 8 months ago

Investment house Halman-Aldubi signs deal to be traded in Tel Aviv

JERUSALEM, Dec 14 (Reuters) - Israeli investment house Halman-Aldubi said on Wednesday it signed a deal to carry out a reverse merger and become a public company on the Tel Aviv Stock Exchange.

Halman-Aldubi, which manages about t 14 billion shekels ($3.7 billion) in assets, will merge with a small firm called Soho Real Estate and will be traded under the name Halman-Aldubi Investment House.

The investment house's chief executive told Reuters in September they were planning to make the transaction by the end of the year.

Halman-Aldubi's shareholders will retain a 71 percent stake in the new company and the remaining 29 percent will be held by the public, according to a statement.

Soho Real Estate has a market value of 39.5 million shekels. The deal is subject to regulatory approval.

$1 = 3.8008 shekels Reporting by Ari Rabinovitch

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