Three hundred thousand shares of common stock of Palestine Cotton Mill, Limited, of Tel Aviv, were today placed on sale here by the First Guardian Securities Corporation. This is one of the first issues of Israel securities offered to the public on the American market.
The price of the shares is listed at $4.25 and it is expected that $1,275,000 will be realized from the sale. The money will be used to expand the production of yarn, which is the corporation’s main operation, and the conversion of part of the yarn into cloth. The company, which was formed in 1941, is the second largest of its kind in Israel.
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