Manikay to Appoint Investment Executive Salah Saabneh as TASE Board Member

On Monday, the sale of the Tel Aviv Stock Exchange to a group of international investors, headed by hedge fund Manikay Partners LLC was completed. As the leading buyer that will own 19.9% of the exchange, Manikay receives a seat on the exchange's board. The firm has decided to put forth Manikay partner Salah Saabneh as its candidate.

Saabneh, who joined Manikay in 2008, was the firm's representative in Israel throughout the acquisition process. He is an alumnus of the Hebrew University of Jerusalem and of Columbia Business School. He was previously an executive vice president at real estate-focused Altisource Asset Management Corp., and an executive director at UBS Investment Bank.

The sale of 71.7% of the exchange is intended to increase competition in the Israeli capital market and render the exchange more prominent and accessible to the public, according to previous statements made by the exchange.