(PRESS RELEASE) TEL AVIV — Sarine Technologies Ltd., a company that develops technologies for the analysis, cutting and polishing of rough diamonds, and for the grading, documentation and promotion of trade in polished diamonds, which is traded on the Singapore Exchange, published its listing documents on June 28, 2021, and will commence trading as a dual listed company on TASE starting on July 5, 2021, under the SARN ticker symbol.
Sarine Technologies created a precedence in 2005, as the first Israeli company to be listed on the Singapore Exchange. Now it is the first Israeli company listed on Singapore, executing a dual listing on TASE.
The market cap of the company’s shares is approximately NIS 675 million and at the end of trading on September 2, 2021, it is expected to join TASE’s TA-Growth, TA Tech-Elite, TA-Global BlueTech, TA-Technology and TA-Industrials indices.
Trading of the company’s shares on the SGX will continue and the company will be subject to the reporting and disclosure requirements of the Singapore Exchange. As part of the dual listing, the company will not be required to submit reports other than those required in Singapore.
Sarine is engaged in the development, manufacturing, marketing and sale of precision measuring devices for the planning, processing and grading and trading of diamonds. Among the products the company offers is an innovative technology for verifying the responsible origin and processing of the diamond, which is used by leading mining companies such as Russia’s Alrosa, the world’s largest producer, and Canadian Lucara, which is famous for its frequent discovery of extremely large diamonds in its Botswana mine.
Daniel Glinert, chairman of the Board of Directors of Sarine Technologies: “For more than fifteen years, since our IPO on April 8, 2005, the shares of the company have been traded in Singapore. This has been a meaningful and important period for us as a company and we are proud to continue being traded on the Singapore Exchange, as our first and primary exchange.We believe that the dual listing on TASE will increase the company’s exposure to a broader base of investors, improve the share’s liquidity and create value for the shareholders. We also believe that dual listing at this point in time is particularly appropriate in view of the significant recovery of the company’s business following the coronavirus outbreak and the growing interest in our solutions for polished diamonds, which document the diamond from mining, across the production chain and through to the retail sale, where the documentation is made available to both the retailer and the consumer. Additionally, our groundbreaking e-GradingTM initiative, for the AI-based grading of diamonds on the premises of the producer, eliminating the costs and delays of inspection by third-party labs (which recently has grown to nearly two months), which is planned to be launched in the second half of the year, has been creating a buzz.”
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Ittai Ben Zeev, CEO of TASE comments, “We congratulate Sarine, the first company that chose to join TASE as part of the dual listing with the Singapore Exchange. TASE offers multiple benefits for the company, the investors and the Israeli economy, and I am glad that the company has elected to become a part of the home of the Israeli economy. Any Israeli company that is traded overseas should partake in the Israeli capital market, and I am confident that we will shortly be seeing a growing number of companies take this step and join TASE.”
www.sarine.com
