Thursday, February 25, 2021
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Plans an IPO at a value of NIS 5 billion

Dalia Energy owns the private power plant, which is one of the largest in the country (near Kfar Menachem in the South), which is actually responsible for 8.4% of the total electricity production in the economy, on the way to the stock exchange. Dalia submitted a draft prospectus First to the Securities Authority today (Friday) and intends to issue 17% of its holdings through a sale offer together with an issue of shares, at a value of NIS 5 billion (before cash).

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Among Dalia Energy’s main shareholders are the kibbutz farms (40.7%) and the Israel Infrastructure Fund (20%). Last month, the company raised a huge series of bonds worth NIS 1.15 billion, through an “institutional continuum” system.

Hobby bonds issued by Dalia for the institutional investors will also be made available to the public upon the issue of the shares Photo: Bloomberg

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The funds raised will be used by the company to repay the debt earlyMaznin (Loans granted over senior debt without collateral) and the capital notes raised at the beginning of the construction of the station in 2012. This move is expected to save on financing costs and improve the company’s cash flow.

Upon completion of the issue of the shares, the bonds will be listed on the main list of the stock exchange and the general public will be able to trade in them. These bonds, which are traded as mentioned between the institutional ones, were signed on Thursday at a yield of 1.01% and an average maturity (life expectancy) of 5.86 years.

Dalia Energy has expansion plans, among other things, it is considering applying to participate in the IEC tender for the purchase of the Hagit power plant. It also plans to expand into the field of energy storage and renewable energy. To this end, it is in the advanced stages of selecting a supplier for the construction of a 16MW storage facility.

Dalia also has an approved national infrastructure plan that allows for the expansion of the existing power plant. Article link

The company intends to participate in the tenders of the Accountant General and the Electricity Authority in order to establish another facility adjacent to the existing station.

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The company has revenues that amounted to NIS 1.21 billion in the first nine months of 2020, a decrease of 8.6% compared to the corresponding period a year earlier.

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The profit from operating the power plant eroded by 3.8% and amounted to NIS 223 million in the first three quarters of 2020. Article link

The bottom line was a net profit attributable to shareholders of NIS 80.79 million, an increase of 10.6% compared to the corresponding period.

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