SGX-listed Sarine Tech to seek dual listing on Tel Aviv Stock Exchange

Published Wed, Mar 3, 2021 · 07:35 PM

ISRAEL-BASED diamond technology firm Sarine Technologies, which is listed on the Singapore Exchange's (SGX) main board, said on Wednesday that it is planning to seek a dual listing on Israel's Tel Aviv Stock Exchange (TASE).

It expects the dual listing to be completed during the second quarter of this year.

This comes as the SGX and TASE have recently authorised the dual listing of companies whose primary listing is on either one of the venues. Sarine said that it has "progressively generated growing interest" in its business and equities in the Israeli investment market, making it "natural" to want to take advantage of the development to seek a dual listing on TASE.

Sarine added that the dual listing would expose the company to a broader investing public, not just in Israel, but also in the US. This is because the time difference between Tel Aviv and the US is only seven hours, versus the 12-13 hour time difference to Singapore.

Daniel Glinert, executive chairman of Sarine's board, said that the company has had a "very satisfactory and beneficial" tenure on the SGX since listing in 2005.

Still, the company believes it "especially opportune" to seek the dual listing at this time, given a "significant" post-pandemic recovery in the business and increased interest in its new polished diamond offerings.