The Securities and Exchange Commission today reported that the Israel American Industrial Development Bank Limited of Tel Aviv filed last week a registration statement with the SEC seeking registration of $2,500,000 perpetual 6% debenture stock. The securities are to be offered for public sale at 110% of par. The offering is to be made on a best efforts basis by Israel Securities Corporation; and the selling commission is to be 5% of par.
The Industrial Development Bank was organized last year under the laws of the State of Israel. It was formed by Ampal-American Israel Corporation and the Workers’ Bank Ltd., each of which owns 50% of its authorized and outstanding stock. The Industrial Development Bank plans to emphasize the extension of medium and long term credits, and also to conduct a general banking business, including acceptance of deposits, granting of short term credits and general banking functions, the SEC report stated.
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