The Palestine Economic Corporation announced today it is offering an issue of 43,496 shares of common stock, to be sold at par value of $25 per share for a total of $1,087,400.According to the company’s prospectus, PEC had, as of last December 31, a total of 539,982 shares of common stock outstanding and assets totaling $18,302,286.
The shares being offered now, PEC stated, represent the balance of an offering of 124,000 shares originally registered with the Securities and Exchange Commission in November 1959.Of that total,80,504 shares had been sold as of April 1, 1961, with an aggregate par value of $2,012,600.
The corporation announced that the new issue may be bought not only for cash but also in payment through State of Israel Bonds. Proceeds of the sale are to be devoted to further PEC participation in the development of Israel industry, erection of residential and factory buildings in Israel, and Israeli exports. The latest PEC dividend paid to stockholders for 1960 amounted to $1.25 per share.
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