NEW YORK (Oct. 15)
The board of directors of Israel Development Corporation, a related corporation of Ampal, today voted to declare a dividend of $1 per share on the common stock of that corporation. The total dividends to be paid out will amount to $400, 000. President Abraham Dickenstein expressed the hope that Ampal would be able to declare its 17th consecutive dividend–this time of 25 cents per share on $5 par value.
The Ampal group, composed of Ampal-American Israel Corporation, Israel Development Corporation and Israel-American Industrial Development Bank Ltd. would pay out close to $700, 000 in dividends for the current fiscal year, Mr. Dickenstein said. Total gross assets of the Ampal group had risen from less than $2, 000, 000 in 1948 to nearly $40,000,000 in 1958. he reported. Capital and surplus had been increased from $1, 600, 000 to over $16, 000,000, during that period. Almost $23, 000, 000 worth of securities had been marketed during these ten years.
The outstanding balances of the Ampal group long-term credits and equity investments in Israel had risen from less than $1, 800, 000 in 1948 to nearly $35, 000, 000 in 1958. The group’s credit lines with American banks and manufacturers had risen from $270,000 to over $12, 500, 000 in ten years. The net profits of the corporations before taxes derived from interest, dividends and commissions had amounted to close to $7, 000, 000 during the decade, of which about $2,500, 000 had been paid out in dividends to the stockholders of the Ampal group.