AMPAL ANNOUNCES SALE OF 5.7 MILLION SHARES BY BANK HAPOALIM B.M. TO STEINMETZ FAMILY.NEW YORK--(BUSINESS WIRE)--June 7, 1996--Ampal-American Israel Corporation (AMEX AMEX See: American Stock Exchange :AIS.A) announced today that Bank Hapoalim Bank Hapoalim (Hebrew: בנק הפועלים lit. Bank of the Workers) is the largest Israeli bank. B.M. had completed the sale of 5,742,351 shares of Ampal Class A Stock to Rebar Financial Corp., a company controlled by the Steinmetz family. The sale of these shares was in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the previously announced May 12, 1996 agreement between the Bank and the Steinmetz family, which agreement also provides for the sale to Rebar of either 1,500,001 shares of Ampal Class A Stock or 1,500,001 shares of Ampal Common Stock. Regulatory approvals necessary for the closing of the transaction have been received. Bank Hapoalim continues to hold 4,374,282 shares of Ampal Class A Stock, preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. which are convertible into another 384,358 shares of Ampal Class A Stock and all 3,000,000 shares of Ampal 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. . As of May 21, 1996 there were 20,523,664 shares of Class A Stock outstanding. 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 diversified (di·verˑ·s 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 Corp. Lawrence Lefkowitz, 212/782-2100 |
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