A dividend for 1962 of five per cent per share of $25 par value common stock, payable in common stock on February 28, 1963, to stockholders of record on December 31, 1962, was declared here today by the board of directors of PEC Israel Economic Corporation. The dividend for 1962 equals the one paid for last year, though the previous dividend was paid in cash.
Joseph Meyerhoff, president of PEC, in a statement to stockholders, pointed out that earnings of the company in 1962 have kept pace with those of 1961, which “is in itself an important achievement in view of the Israel pound devaluation last February. Earning prospects for the years immediately ahead are encouraging.
“PEC’s retention of its entire 1962 net earnings provides additional capital for further constructive and income-producing investments,” Mr. Meyerhoff said. “Commitments for new investments during 1963 already amount to approximately $2, 150, 000 and additional projects are under investigation. We expect that these new investments will further enhance PEC’s earning potential.”
During the past five years PEC has increased its capital from $8, 700, 000 to more than $17, 000, 000. Common stock of PEC outstanding (prior to the distribution of the stock dividend) now totals some 688, 000 shares held by approximately 12, 000 stockholders throughout the United States. The company is presently selling an issue of 81, 825 shares of common stock at $25 per share.
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