A four percent cash dividend for the year 1958 was declared by the board of directors of the Palestine Economic Corporation here, oldest American investment company active in the economic development of Israel. The dividend, amounting to one dollar per share, will be paid on February 27, 1959, to stockholders of record as of January 2, 1959.
This is PEC’s 45th dividend. Founded in 1926, Palestine Economic Corporation today owns or is affiliated with many of Israel’s most prominent enterprises in industry commerce, banking, real estate and other fields. Its assets total about $17,000,000. Some 9,000 American stockholders will receive dividend checks aggregating $425,000. Approximately one-quarter of last year’s dividend was devoted by PEC stockholders to the purchase of additional PEC common stock.
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