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DBSI sells 9% stake in RADA to Israeli institutions
DBSI remains with a 7% stake after selling 3.9 million shares for $35 million, ten times what it paid for them in 2016.
Herzliya-based DBSI Investments has informed Israeli defense and aerospace company RADA Electronic Industries Ltd. (Nasdaq: RADA) that it has agreed to sell 3.9 million shares (a 9% stake) to leading Israeli institutional investors. Following the completion of the sale of such shares, DBSI’s interest in RADA will stand at 2.8 million shares, a 7% stake in the company.
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DBSI’s chairman and RADA chairman Yossi Ben Shalom said, DBSI remains committed to its holdings in Rada and we feel that we have the correct interest in Rada relative to our size. We presently intend to remain with our current position in RADA as we still see significant future upside potential in RADA, and I intend to continue to act as Chairman of the Board.
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Ittai Ben Zeev, TASE CEO: This year marked a significant milestone in the strengthening of ties between TASE and local high-tech, as a record number of new technology companies joined TASE, with dozens more to come. Our strategy over the past few years has laid the foundation that allows TASE to better reflect the success of the Israeli high-tech and serve as a home for those companies.
This year, more than ever, local companies across sectors sought TASE for capital raising and growth, and attracted great interest from both local investors and global players. As home of the Israeli economy, we believe that TASE is the natural venue for the Israeli companies, institutional investors and the public and expect to see the growth trend continue into the coming years.