PEC Israel Economic Corporation, which announced today that it has completed 40 years of operation, sent its 1965 annual report to 11, 000 stockholders in the United States, highlighting PEC’s “profound contribution to the economic philosophy of Israel by establishing the importance of the role of private enterprise as a factor of development.”
Dividends of almost $8, 500, 000 in cash and stock have been distributed by PEC during these 40 years, it was announced, with 80 percent of this sum paid out during the last 10 years. The 1965 dividend of 80 cents per common share was paid on February 15. Net earnings after taxes in 1965 were $1, 086, 102, equal to $1. 28 per share on the average number of shares outstanding during the year, compared with $1, 183, 768 or $1. 49 per share the year before. The number of shares outstanding at the end of 1965 was 910, 770, compared with 750, 173 at the end of 1964.
Last year PEC invested $3, 375, 000 in Israeli enterprises. Further investments of approximately $3, 000, 000 have been authorized or are under review for execution in 1966.
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