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Palestine Economic Corporation Invested $4,447,000 in Israel in 1961

February 28, 1962
See Original Daily Bulletin From This Date

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.

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