The Palestine Economic Corporation invested a record of $4,447,000 in various Israeli projects during 1961, according to a statement by PEC president Joseph Meyerhoff in the annual report for 1961 distributed today to the corporation’s 11,500 stockholders throughout the United States. In addition a total of $3,278,000 has already been committed for investment in 1962.
“To help finance these new investments, PEC is currently offering 120,000 shares at $25 par value each according to a prospectus filed with the Securities and Exchange Commission.” Mr. Meyerhoff reported “total common stock outstanding as of December 31, 1961, amounted to 616,730 shares for a total of $15,418,260.” Net income for 1961, exclusive of $160,000 stock dividends received, amounted to $799,629 after taxes. A cash dividend on the common stock of $1.25 per share was paid today to stockholders of record as of December 29, 1961.
Nearly $1,750,000 of last year’s investments were directed to the Dead Sea Works as part of a development program for increased production of potash and other minerals from the Dead Sea, according to the annual report. Over a half a million dollars is being provided for the new Israel Petrochemical Enterprises, marking the founding of a petro-chemicals industry in Israel. Other areas benefiting from PEC investments in 1961 included construction and land development, citriculture, publishing and printing, transport and marketing, and a variety of industries.
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.
