NEW YORK (Jul. 29)
Shareholders of Israel Development Corporation at their annual meeting today voted to increase the number of authorized shares, thereby paving the way for a two-for-one stock split.
The number of authorized common shares of IDC was increased from 800,000 to 2,000,000, and the par value of the shares halved to $12.50. Abraham Dichenstain, president, said the split is expected to be effective on August 3rd. Gummed stickers indicating the change, for affixing to stock certificates, will be sent to shareholders of record August 3rd sometime next month.
Mr. Dickenstein told shareholders attending the meeting that loans and investments made by IDC in Israel enterprises during the six months ended May 31, 1965 totaled $4,455,000, compared with $1,650,000 for the comparable period last year and $6,730,000 for the entire 1964 fiscal year. Nothing that interim earnings rose sufficiently to warrant a 20 per cent dividend increase–announced by IDC earlier this month–Mr. Dickenstein observed that IDC’s assets today stand at about $17,000,000 compared with about $13,800,000 a year ago.