SINGAPORE (Mar 1): The Singapore Exchange is said to be among a number of foreign stock exchanges to express an interest in acquiring a controlling share in Israel’s Tel Aviv Stock Exchange (TASE).

Earlier this year, it was announced that TASE CEO Ben Zeev received authorisation from shareholders, who hold an aggregate 71.7% of the bourse, to mediate the sale of their shares to a third party.

Although the price has yet to be discussed or determined, TASE will only be allowed to benefit from up to NIS 500 million ($190 million) for its sale according to the law.

Citing unnamed sources, Israeli financial daily Globes’ news site says SGX is among the estimated 10 foreign stock exchanges interested in the acquisitions who have signed a non-disclosure agreement (NDA), and that assessments of the possibility of the acquiring control of the TASE are now ongoing.  

No binding bids have been made.  

While Globes sources note that some of the interested foreign exchanges are “large and important” ones – they add that leaders of smaller ones such as Poland’s Warsaw Stock Exchange have already made contact with lawyers in Israel to consider a deal with the TASE’s management.

Other candidates which have expressed interest in an acquisition of – and/or co-operation with – TASE include stock exchanges in Toronto, London, Hong Kong and Sydney, Australia.

Parties such as investment funds have also been said to consider the acquisition of control in the TASE, although the offer is currently only limited to foreign stock exchanges or securities authorities.

As at 10.51am, shares in SGX are trading 1 cent lower at $7.54.