The Israel Securities Authority will not allow Ampal American Israel Corporation (Nasdaq:AMPL) from dual-listing for trade on the Tel Aviv Stock Exchange, Ma'ariv reports.
Ampal's management has been working on listing in Tel Aviv for two months now. Its aim is to increase the share's negotiability and shareholder base.
The ISA's objection is based on the special structure of Ampal's equity. It has listed several kinds of shares on Nasdaq, including shares that confer preference in dividend distribution.
Shareholders owning preferred shares do not want to see their rights diluted. Ampal is currently looking into alternative ways to equalizing the voting rights.
Two weeks ago the Steinmetz family agreed to sell its 51% controlling stake in Ampal to businessman Yossi Maiman for $90 million.