AMPAL ANNOUNCES AGREEMENT FOR PARTIAL SALE OF SHARES BY BANK HAPOALIM TO STEINMETZ FAMILY.NEW YORK--(BUSINESS WIRE)--May 13, 1996--Ampal-American Israel Corporation (Amex: AIS.A) announced today that its parent, Bank Hapoalim Bank Hapoalim (Hebrew: בנק הפועלים lit. Bank of the Workers) is the largest Israeli bank. B.M., had advised Ampal that an agreement between Bank Hapoalim and the Steinmetz family had been signed on May 12, 1996. According to the announcement which Bank Hapoalim published in Israel, within the framework of the transaction the Steinmetz family agreed to purchase 29.6% of the capital of Ampal, for which Bank Hapoalim will receive proceeds of approximately $57 million at a price of $7.84 per share. The Bank's announcement also stated that the sale of the shares was made within the framework of the reduction of the non-banking holdings of the Bank according to the Banking (Licensing) Law in effect in Israel, which requires the Bank to sell non-banking holdings in excess of 25% by the end of 1996. Upon completion of the sale, the Bank will hold the percentage required by Israel law. In a separate report filed with Israel Securities Authority The Israel Securities Authority (ISA) is Israel's securities regulator. Its Chairman since 2002 is Moshe Tery. Establishment The ISA was established pursuant to the Securities Law, 5728-1968. , the Tel Aviv Stock Exchange Tel Aviv Stock Exchange Israel's only stock exchange. and the Israeli Registrar of Companies The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. , the Bank advised that the Bank has reserved the right to act to change the rights of the voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. of Ampal or to sell Common Stock, which has superior voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. , to the purchasers. The Bank also advised that the agreement is subject to receipt of regulatory approvals in Israel. Ampal previously announced that the Bank has advised Ampal of its desire to enter into a transaction with Ampal to equalize e·qual·ize v. e·qual·ized, e·qual·iz·ing, e·qual·iz·es v.tr. 1. To make equal: equalized the responsibilities of the staff members. 2. To make uniform. the rights of Ampal's Common Stock (100%-owned by Bank Hapoalim) to those of its publicly owned Class A Stock. Ampal and its subsidiaries acquire interests in businesses located in the State of Israel or that are Israel-related. An important objective of Ampal is to make investments in companies which take advantage of growth in Israel's domestic economy. Ampal and its subsidiaries have diversified interests in the following sectors: hotels and leisure-time, real estate, finance, energy distribution, basic industry, high technology and communications, as well as others. CONTACT: Ampal-American Israel Corporation Lawrence Lefkowitz, President 212/782-2100 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion