The Israel-American Oil Corporation announced today that its name has been changed to Isram Corporation, to reflect the company’s changing activities as a result of its stepped-up diversification program. The name change was approved at a stockholders meeting, which also voted a reverse stock split of one new share for 15 of the company’s old shares. The shares are traded on the American Stock Exchange.
Apart from its oil exploration activities, Isram has helped establish Israel’s leading producer of synthetic lubricants and is closely associated with another corporation which processes imported oil drums for re-use. The corporation is also building a low-cost housing project for 1,800 families in Haifa under municipal sponsorship.
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