April 2, 2019 / 1:49 PM / 4 months ago

Tel Aviv bourse sees IPO in coming months, sets dividend policy

FILE PHOTO: An electronic board displaying market data is seen at the entrance of the Tel Aviv Stock Exchange, in Tel Aviv, Israel January 29, 2017. REUTERS/Baz Ratner/File Photo

TEL AVIV (Reuters) - The Tel Aviv Stock Exchange (TASE) will hold an initial public offering for 30 percent of its shares in the coming months, after it publishes its first quarter 2019 financial results, the bourse said on Tuesday.

The exchange also set a dividend policy for the first time, according to which it will distribute 30-50 percent of its ongoing profits starting in 2020.

TASE posted a 5 percent rise in revenue in 2018 to 256 million shekels ($71 million) as net profit excluding one-time items grew to 21 million shekels from 13 million in 2017.

Reporting by Tova Cohen; Editing by Steven Scheer

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