Public Companies Association Opposes Nasdaq Listings for IAI and Rafael

The Israeli Association of Publicly Traded Companies has urged ministers to prioritize the Tel Aviv Stock Exchange over proposed Nasdaq listings for Israel Aerospace Industries and Rafael. Chief executive Ilan Flato wrote to Finance Minister Bezalel Smotrich, Economy Minister Nir Barkat and minister David Amsalem, arguing that Israeli investors should share in the defense companies' success. Government representatives are examining U.S. listing options that could sell up to 30% of the two state-owned companies while addressing disclosure rules for classified projects. The offerings could raise billions of dollars as defense spending rises.