Ampal-American Israel Corporation and Israel Infrastructure Fund Establish a Joint Venture to hold Interests in EMG.Summary: Ampal-American Israel Corporation and Israel Infrastructure Fund Establish a Joint Venture with Institutional Investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. in Israel to hold Interests in EMG EMG abbr. electromyogram Electromyography (EMG) A diagnostic test that records the electrical activity of muscles. Ampal-American Israel Corporation and Israel Infrastructure Fund ("IIF IIF Institute of International Finance IIF Irish Insurance Federation IIF Immediate IF IIF Innovation Investment Fund (investment supporting R&D new technology/science ventures) IIF Intuit Interchange Format "), leading a group of institutional investors, announced the closing of a joint venture to invest in East Mediterranean Gas. Co. (S.A.E.), an Egyptian corporation ("EMG"). Ampal and the institutional investors will each hold a 50% interest in the joint venture. The joint venture is a newly formed Israeli limited partnership, "Merhav Ampal Energy Holdings, LP" whose general partner is an Israeli company equally owned by Merhav Ampal Energy Ltd. (a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Ampal) and IIF. IIF, leading the group of institutional investors in the joint venture, is a private equity fund specializing in investment opportunities in infrastructure projects. EMG is an Egyptian joint stock company that has been given the right to export natural gas from Egypt to Israel and other locations in the East Mediterranean basin The Mediterranean Basin refers to the lands around and surrounded by the Mediterranean Sea. In biogeography, the Mediterranean Basin refers to the lands around the Mediterranean Sea that have a Mediterranean climate, with mild, rainy winters and hot, dry summers, which including via an underwater Underwater 1. The condition a call option is in when its strike price is higher than the market price of the underlying stock. 2. The condition a put option is in when its strike price is lower than the market price of the underlying stock. pipeline. The pipeline, which EMG expects to be completed during the first quarter of 2008, will run from El-Arish, Egypt to Ashkelon, Israel. At closing, the joint venture purchased a 4.3% interest in EMG from Merhav (m.n.f) Ltd. ("Merhav") for a purchase price of approximately $95,355,000, using funds provided by the institutional investors. This represents the same purchase price (on a per share basis) paid by Ampal for its December 2006 purchase of EMG shares. In addition to the joint venture's purchase from Merhav, Ampal contributed, at closing, a 4.3% interest in EMG into the joint venture, which will hold a total of 8.6% of the outstanding shares of EMG. Ampal's contribution is being valued at the same price per EMG share as the joint venture's purchase from Merhav. After closing, Ampal's beneficial interest in EMG remained 12.5% of the outstanding shares of EMG, with 8.2% held directly and 4.3% held by through the joint venture. Yosef A. Maiman, the Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Company and a member of the controlling shareholder group of the Company, is the sole owner of Merhav. After this transaction, Merhav continues to hold 8.2% of EMG. Copyright [c] UMCI News Provided by Syndigate.info an Albawaba.com company |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion