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.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.