NEW YORK (Jul. 2)
Palestine Economic Corporation has registered with the Securities and Exchange Commission an issue of 44, 097 shares of common stock to be sold at par value of $25 per share, it was announced here today. According to the prospectus, the 34-year-old company had 447, 285 shares of common stock outstanding, and assets totaling $16, 802, 446 as of last December 31.
The 44, 097 shares represent the balance of an offering of 130, 000 shares originally registered with the SEC in November 1957, of which 85, 903 shares with an aggregate par value of $2,147,575 were sold as of April 30, 1959. A noteworthy feature of the issue is the readiness of the corporation to accept State of Israel bonds in part or total payment of subscriptions.
Proceeds of sale are to be devoted to further participation of PEC in the development of Israel industry, erection of residential and factory buildings, and exports, in which the company has pioneered during the past three decades. The latest dividend paid to stockholders for the year 1958 amounted to $1 per share.