Israel Development Corporation, a registered regulated investment company affiliated with Ampal-American Israel Corporation, has paid its sixth consecutive annual dividend amounting to $623,424, to stockholders of record as of November 30, 1960, it was announced here today. The cash dividend this year was increased to $1.25 per share compared with a cash dividend of $1.00 per share last year.
In addition, the corporation transferred to its stockholders tax credits on taxes paid by the corporation in Israel, bringing up the rate of dividends to over six percent per share for the fiscal year 1960, Abraham Dickenstein, president of the Corporation, reported, summarizing the activities of the Ampal group for the year 1960. He said that in accordance with the decision of the board of directors, an additional amount of $180,000 will be paid on February 6, 1961 to holders of the preferred shares of Ampal-American Israel Corporation of record as of Jan. 20, 1961. This will be Ampal’s 19th consecutive annual dividend. The rate of this dividend is six percent per annum compared with five percent the previous year.
The Israel American Industrial Development Bank, Ltd., a subsidiary of Ampal, will have paid out dividends amounting to approximately $150,000, consisting of the regular payments of six percent per annum and one percent as an extra dividend to the holders of record of its debenture-stock as of December 31, 1960, Mr. Dickenstein announced. “Altogether, stockholders in the Ampal group will have received dividends amounting to $953,424.27 in comparison with $780,400 in dividends last year,” he said.
The total assets of the Ampal group, which consists of several United States corporations, one Canadian subsidiary and the above-mentioned Israeli bank, had increased to over $60,000,000 at the end of 1960, compared with $48,000,000 at the end of the previous year.
The Ampal group’s investments in Israel include banking; oil and natural gas exploration; importing; refining and distribution of oil and oil products; oil pipelines; chemical plants, fibreboard manufacturing plants; orange and cotton plantations; rubber and tire manufacturing; fish canning; sugar refining; construction of commercial and residential buildings and others. The Ampal group is the largest private foreign investor in Zim-Israel Navigation Company.
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