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Palestine Economic Corporation Registers a New $3,000,000 Issue

Another issue of $3,000,000 worth of common stock has been registered with the United States Securities and Exchange Commission by the Palestine Economic Corporation, it was reported here today by J. Meyerhoff, president of the PEC. The funds, he said, will be used for further expansion of the corporation’s investments in Israel.

The corporation’s paid-up share capital, Mr. Meyerhoff reported, has now reached $15,000,000, compared with $12,000,000 at the end of 1959. He said that the PEC has decided to pay a five percent dividend for 1960, as against four percent paid in previous years.