Ampal-American Israel Corporation Announces Election of Officers and Directors.NEW YORK--(BUSINESS WIRE)--June 30, 1999-- Ampal-American Israel Corporation (AMEX AMEX See: American Stock Exchange : AIS)announced today that on June 29, 1999, its Board of Directors elected new officers of the Company, including a new Chief Executive Officer and President. Following the resignation of Dr. Gleitman on June 29, 1999, (effective July 1, 1999), Mr. Raz Steinmetz, who is the President of Rebar Financial Corp., the controlling shareholder of the Company, was elected as Chief Executive Officer and President. Shlomo Shalev was elected to the newly created office of Vice President of Business Development. At the shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. held on June 29, 1999, the shareholders elected management's slate of directors, consisting of two new directors, Eliyahu Vagner and Avi A. Vigder, and reelected Michael Arnon, Benzion Benbassat, Yaacov Elinav, Kenneth L. Henderson, Esq., Hillel Peled, Dr. Shimon Ravid, Daniel Steinmetz and Raz Steinmetz. At the shareholders' meeting, the shareholders also approved the transaction in which the Company and certain of its subsidiaries will purchase from Bank Hapoalim Bank Hapoalim (Hebrew: בנק הפועלים lit. Bank of the Workers) is the largest Israeli bank. all of its holdings of Ampal's Class A and Preferred stocks Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , and the Company and certain of its subsidiaries will sell and lease to Bank Hapoalim certain real estate assets. The Company's Board of Directors has also authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of Ampal's Class A Stock, up to a maximum of $2 million annually. 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 high technology and communications sector. Ampal and its subsidiaries have diversified interests in the following sectors: high technology and communications, real estate, leisure-time, finance, energy distribution and industry. |
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