IT solutions and services company Ness Technologies Inc. (Nasdaq:NSTC) today announced that it has received approval from the Tel Aviv Stock Exchange (TASE) to dual list, and the company will start trading on the TASE on September 14.
With a market cap of $232 million, Ness Technologies share should become part of the Tel Aviv 100 Index, using the TASE's fast-track system. The company will use the NSTC ticker that it uses on the Nasdaq.
TASE CEO Ester Levanon said, "We are very pleased to welcome Ness Technologies to the exchange. Ness is one of the leading IT services providers, both in Israel and globally. We appreciate the opportunity to dual-list Ness' shares on the TASE, making them accessible to a wider range of investors."
Ness Technologies president and CEO Sachi Gerlitz said, "Although we are a US based corporation, almost a third of our business is for Israeli customers or delivered by our Israeli workforce. This dual listing reinforces our visibility and stature in the Israeli marketplace, and we believe it will make our shares accessible to a range of new investors and funds. We also believe that the aggregate trading volume of Ness shares will expand, increasing liquidity for institutional investors. Finally, the dual listing will provide trading access for European investors during regular European business hours and will afford Ness investors worldwide with more than 13 hours of continuous trading access."
Ness Technologies share closed on Nasdaq yesterday at $6.04.
Published by Globes [online], Israel business news - www.globes-online.com - on September 1, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009