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raised from foreign institutional investors. Two of the largest offerings were the US$
1.82 billion raised to finance the development of the Tamar and Leviathan natural gas
reservoirs (where we represented the issuer), and an US$ 819 million raised by ICL
(where we represented the underwriters).
Listing of Participation Units in Partnerships
Investors in these participation units also enjoy certain tax benefits. Recently, the
Regulator has been examining the possibility of expanding the permissible operations
for partnerships to also allow oil and gas explorations outside of Israel, under certain
restrictions.
Dual Listing of Securities
In Israel, there is an arrangement for the "dual listing" of securities whereby shares
that are listed for trading on major stock exchanges in the U.S. and London can also, in
parallel, be listed for trading on the Tel Aviv Stock Exchange. This listing uses disclosure
documents prepared for the U.S. or U.K. stock exchanges, instead of the disclosure
documents required under Israeli securities laws. A condition for the dual listing is
having a minimummarket value of US$ 30million, as well as at least one year's trading, or
alternatively, a minimum market value of US$ 150 million. Currently, 46 dual companies
are being traded in Tel Aviv under the Dual Listing Law. Our firm is advising various dual
listed companies, including, inter alia, Partner and Alon Blue Square Israel.
Regulation
The Israeli capital market has extensive regulation under the Companies Law, the
Partnerships Ordinance and the Securities Law and strict supervision by the Israel
Securities Authority (ISA), as well as other supervisors who oversee the banks and
Bond offerings - by company type
50%
40%
30%
20%
10%
0%
2014
First Half Of 2015
Real Estate
Banks
Other
In Israel, it is possible to list participation units in partnerships operating in the
field of film production, as well as in the field of the exploration, development
and production of oil and natural gas in Israel, for trading.
(US$ Billions)
2014
The First Half of 2015
Bonds offerings
15.25
8.67