Koor Industries Ltd., a leading Israeli investment holding company, has sold 9,356,517 shares in Makhteshim Agan Industries, for 105.3 million new Israeli shekels ($24.1 million). Koor will record a capital gain in the second quarter of 2003. Once completed, Koor will hold 49.8 percent of the voting capital of Makhteshim Agan.
Jonathan Kolber, chief executive officer of Koor Industries, said, "Makhteshim Agan Industries has presented strong financial and share performance in recent quarters, and we continue to believe this is one of the strongest companies in our portfolio."
He added, "However, as an investment company, the current sale is in line with our strategy of identifying high yield investment and sale opportunities. We continue to work closely with Makhteshim Agan, strongly support its management and strategy, and intend to continue to hold a significant share in the company."
Koor Industries focuses on high-growth, internationally-oriented, Israeli companies. Koor actively invests in telecommunications through its holdings in ECI Telecom and Telrad Networks; in agrochemicals through Makhteshim Agan Industries; in defense electronics through the Elisra Defense Group; and in promising start-ups in the fields of telecommunication and life sciences through Koor Corporate Venture Capital.
Koor's ADSs (American Depositary Shares) are traded on the New York Stock Exchange and Koor's ordinary shares are traded on the Tel Aviv Stock Exchange. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
