NEW YORK (Jan. 5)
A regular cash dividend of $1.25 per share of common stock for 1960 was declared today by the board of directors of Palestine Economic Corporation, payable on February 28, 1961, to stockholders of record on December 29, 1960. Last year’s dividend amounted to $1.00. The 25 percent increase was due to higher earnings as a result of earlier investments of the company having matured, according to Joseph Meyerhoff, PEC’s president.
Common stock of $25 par value per share outstanding on December 24, 1960, totaled 527,156 shares held by over 10,000 stockholders throughout the United States. The 35-year-old company uses its funds for the development of Israel’s economy through private investment in industrial, agricultural and commercial ventures.
The largest single investment consummated in 1960 was the $2,700,000 participation in the syndicate that acquired the Red Sea – Mediterranean 16-inch oil pipeline. “New PEC investments in Israel enterprises during the past two years amounted to $6,500,000. Over $2,000,000 of additional investments have already been approved for 1961, and further projects are under construction,” Mr. Meyerhoff announced.