Published On: Mon, Sep 1st, 2014

Delek Listing on London Stock Exchange Likely

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Delek is considering a dual listing on the London Stock Exchange in addition to its listing in Tel Aviv. The company was also mulling over splitting itself into two companies, with the oil and gas part of the business separate from the financial and insurance portion. Delek’s chief executive, Asaf Bartfeld, said “We are very pleased that our strategy to move our group’s full focus on the oil and gas exploration and production assets is happening ahead of schedule. In light of this success, we are considering the possibility of dual listing Delek Group’s shares on the primary market of the New York Stock Exchange.”

Delek, owned by Israeli billionaire Yitzhak Tshuva, developed the natural gas field called Tamar with 11 trillion cubic feet of estimated reserves. However, the company reported a significant loss in the second quarter due to write downs, but management said this is a short-term issue. The write down caused Delek to lose $168 million in the last quarter. Delek is also reportedly in talks to sell Roadchef, one of Britain’s most popular roadside service businesses.

 

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