Veraz has filed an updated prospectus with SEC for the issue of nine million shares, plus the sale of 2.25 million shares by ECI.
ECI Telecom Ltd. (Nasdaq: ECIL) expects to report a capital gain of $55-70 million from the IPO by its subsidiary, Veraz Networks Inc. ECI is a subsidiary of IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Koor Industries Ltd. (NYSE: KOR; TASE: KOR).
Last week, Veraz filed an updated prospectus with the US Securities and Exchange Commission (SEC) for the issue of nine million shares, plus the sale of 2.25 million shares by ECI, at $10-12 per share.
ECI will recognize the capital gain over the first through the third quarters of 2007.
Published by Globes [online], Israel business news - www.globes.co.il - on March 20, 2007
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