WASHINGTON (Aug. 25)
Arad Quarries and Roads, Ltd., is making an offering of 375,000 ordinary shares and 11,250,000 Israeli pounds ($3,750,000) 7 percent registered dollar-linked debentures, according to a registration statement filed with the Securities and Exchange Commission here, which became effective today.
The offering comprises 7,500 units, each unit consisting of 5 0 ordinary shares of 30 Israeli pounds ($10) par value each, and 1,500 Israeli pounds ($500) principal amount of debentures 1970-1979, of which the Bankers Trust Company is trustee. The offering price is $1,150 per unit.
According to the statement, the offerors may accept certain issues of Israel Bonds in payment for the units, but are not obligated to do so. The issue, totaling $8,625,000, is underwritten on a best efforts basis by Rassco of Delaware, Inc., New York.
Arad, which was founded in 1963 by Rassco Rural and Suburban Settlement Co., Ltd., of Israel, is one of the country’s leading companies in the fields of road construction, earth moving, production of construction materials, prefabricated cement elements, and quarry products; It operates through five subsidiary or affiliated operating companies in these areas.