The Israeli government’s plans to sell off state-owned firms advanced a significant step this week when the government sold a quarter share of Israel Chemicals, one of the country’s largest companies.
Israel Corporation, which is owned by Israeli billionaire Shaul Eisenberg, purchased the stake in Israel Chemicals for $231 million.
Eisenberg presented Finance Minister Avraham Shohat with a check for the entire sum at a ceremony in Jerusalem on Sunday.
Eisenberg is now the largest private stockholder in Israel Chemicals, with 24.9 percent of the company’s shares.
Israel Chemicals is a major producer of potash, bromides, fertilizer and industrial chemicals. Its 1994 sales totaled $1.2 billion.
The sale was part of a 10-year privatization program undertaken by the government.