The dream of developing Tel Aviv into a worldwide financial center is starting to take form. It seems that Yitzhak Tshuva, an Israeli real estate developer, will be floating the Canadian arm of his private company Elad Group in Tel Aviv.
The real estate and energy magnate was in Miami yesterday, discussing Elad's business plan for 2010 with senior company executives. A key point in the plan is to raise $200 million on the Tel Aviv Stock Exchange, by floating part of Elad subsidiary, Elad Group Canada, according to a company value of $1 billion. If market conditions are appropriate, the initial public offering will take place in early 2010, based on Elad Canada's financial statement for 2009. At a later stage, the new company will be dual-listed for trade under the Elad Canada brand on the Toronto Stock Exchange in Canada.
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