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October 11, 1996 - Image 60

Resource type:
Text
Publication:
The Detroit Jewish News, 1996-10-11

Disclaimer: Computer generated plain text may have errors. Read more about this.

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SUPERHIGHWAY page 59

calls helping two Ethiopian part-
ners seeking to import tef - a
staple in the diets of Ethiopian
Jews. They imported several con-
tainers of whole grain, ground it
in a mill in Netanya, and man-
aged to sell it for upwards of 7
shekels per kilo. However, Mr.
Rubinstein recalls, the two were
unsuccessful in obtaining a six-
figure bank loan to finance the
venture until he intervened, sug-
gesting to the bankers that their
role was partially charitable.
Mr. Rubenstein sees commer-
cial potential in a major theme
center focusing on Ethiopian his-
tory and culture and featuring a
museum, eatery, crafts center
and retail stores. A concern sup-

porting the idea is currently seek- -`
ing $30,000 to perform a feasi-
bility study, he says.
However, social critics of sim-
ilar plans emphasize that
Ethiopians should be the object
of other commercial ventures.
Though he is a rabbi, Mica Oden-
heimer leaves hope out of the
equation as he assesses the so-
cial future of Ethiopian Jews in-
Israel. Indeed, as treatment of
the Ethiopians haphazardly
shifts from Ministry of Absorp-
tion bureaucrats to social work-
ers, their economic fate will
become increasingly linked to
that of Israel's underprivileged.

(c) Jerusalem Post 1996

Heisten Family Seeks
Bid Acceptance

Jerusalem (JPFS) - The Heis-
ten family of American-Jewish
bankers is prepared to wait no
later than the end of this year for
the Treasury to accept its pro-
posal to purchase Mercantile Dis-
count Bank in its entirety, a
representative of the family here
said.
Accountant Shlomo Ness said
the family, based in Indiana, in-
sists that all proceedings per-
taining to the transaction be fully
completed "within months."
Three weeks ago, the Heisten
family made an offer to Finance
Minister Dan Meridor express-
ing its intention to purchase 100
percent of Mercantile Discount
Bank, a wholly owned subsidiary
of Israel Discount Bank, in part-
nership with British business-
man Bernard Schmier.
The offer, which does not in-
clude a price tag, was passed on
to Mr. Meridor by Treasury di-

rector-general David Brodet, who
is currently looking into the mat-
ter. ,_\
According to Mr. Ness, the
Heisten family will not be willing
to wait more than a month or two
for the Treasury to respond to the
offer.
In 1994, Bank Discount, which
had already held half of Mercan-
tile Discount, declined to purchase
the remaining 50 percent from
Barclays Bank UK.
Several months later, following
a series of legal proceedings, the
authorities decided that Discount
acted illegally because it did not
obtain a permit for the transac-
tion from the central bank. As a
result, the bank was instructed to
sell its stake in Mercantile Dis-
count, which it had acquired from
Barclays Bank, while the gov-
ernment, according to the Bank-
ing Law, required the bank to sell
the remaining shares.

LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES

Symbol

Name

Exchange

SCIXF
ECILF
TEVIY
I EC
ELBTF
ELT

Scitex
ECI Telecom
Teva Pharm
PEC Israel
Elbit Computers

Elscint LTD
Elron Electronics

ELRNF

TAD
CMVT
ISL

Tadiran
Comverse

Sept. 27

Oct. 4

Change

NASDAQ
NASDAQ
NASDAQ
NYSE
NASDAQ

12.50
21.12
5 46.25
5 17.12
5 13.25

11.25
20.63
5 44.00
5 17.12
5 12.25

1.25
-$0.49
-$2.25
+$0.00
-$1.00

NYSE
NASDAQ

$8.62
5 10.50

8.50
5 10.50

-$0.12
+$0.00

5

25.62

$26.38

5

39.38
11.50

5

+$0.76
-$2.38

NYSE
NASDAQ
First Israel Fund NYSE

5

5

5

5

5

5

37.00
$11.12

5

-$0.38

Source: Allen Olender, Prudential Securities,
West Bloomfield.

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