Encouraged by Israel’s expanding economy and greatly liberalized policy toward foreign private investment, Ampal–American Israel Corporation–the largest group of American prime minestors in Israel agricultural and industrial projects, today filed a registration statement with the Securities and Exchange Commission for a five percent five-year Sinking Fund debenture, and for a six percent ten-year Sinking Fund debenture. Both issues total six million dollars.
The Israel Development Corporation, a regulated investment company affiliated with Ampal, is also planning to increase its capitalization from 12 to 20 million dollars. The new capital derived from the sale of these securities will be invested by the group in diverse industrial projects, primarily in the manufacture of glass, plywood, industrial ceramics, steel and pipes. Additional investments in oil exploration and in the new 257 mile oil pipeline are being contemplated by the group.
During the first six months of 1959, the Ampal has executed new loans and investments for close to $20, 000, 000–compared with about $17, 000, 000–during the same period of the preceding year. The Ampal group’s total outstanding balances of investments in and loss to Israel as of July 1959 amount to nearly $34, 000, 000 as against approximately $31, 000, 000 at the beginning of the year. Paid-up capital of the Ampal and outstanding balances on account of long-term debenture bonds sold to the public was increased 24 to 26 million dollars during these six months.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
