•
•
MEET DAN BARISH
Keil Bids
For Hapoalim
Jerusalem (JPFS) — United
States investor Jeffrey Keil is to
meet with government officials
to discuss plans to purchase
Bank Hapoalim, after having
successfully raised about $500
million in the United States, one
month ahead of schedule.
1\ The Israeli government is of-
f ering for sale control of Bank
Hapoalim, the country's largest
bank, as part of its privatization
program. The Prime Minister's
Office recently predicted a sale
agreement would be reached be-
fore the end of 1997. Mr. Keil,
who in the past served as presi-
dent of the Republic New York
Corp., is scheduled to meet with
`-MI Holdings, the government
• firm in charge of selling the
state's banks, and the Bank of Is-
rael.
Capital market sources fore-
cast the Keil group will submit a
bid to purchase a 35 percent
stake in Hapoalim, in partner-
ship with Israeli businessman
Eliezer Fishman, who initially
submitted a bid to purchase con-
\ __trol of the bank with other in-
• vestors. Assuming Mr. Fishman
does not take part in the consor-
tium, MI Holdings will be re-
quired to publish a new tender
for the sale of Bank Hapoalim.
Merhav, Salem
Sell Oil Venture
• erusalem (JPFS) — Merhav
Mnf. Ltd. of Israel and the Hus-
sein K. Salem Group of Egypt
have both sold 50 percent of their
interests in an oil refinery, cur-
rently under construction out-
side Alexandria, to the Egyptian
General Petroleum Corporation.
This means EGPC has now
acquired 60 percent of the $1.2
_billion refinery project, which is
/the largest Arab-Israeli joint ven-
ture to date.
Until the sale went ahead,
both Hussein K. Salem and Mer-
hav owner Yossi Maiman held
40 percent, but have now re-
duced their investments from
$360 million to $180 million each.
The refinery will produce an
estimated 100,000 barrels a day,
\-9r 5 million tons of crude oil a
year, two-and-a-half times the
amount Israel annually imports
from Egypt.
Meridor Considers
Joint Projects
Jerusalem (JPFS)— Senior gov-
,_ernment officials described Fi-
/-nance Minister Dan Meridor's
recent visit to Jordan as "highly
successful," but said many more
meetings are needed to establish
real progress on the economic
front.
During the one-day visit, Mr.
Meridor discussed with Jordan-
ian officials joint development
projects and bolstering trade ties.
The first round of talks was
held with Crown Prince Hassan,
who extended the invitation to
Mr. Meridor. The meeting was
attended by the U.S. ambas-
sadors to Jordan and Israel.
The discussions focused on
Jordan Rift Valley development
projects ahead of a regional con-
ference between the two sides.
During the meeting, the two
discussed the possibility of rais-
ing funds abroad for tourist, air-
port and other planned projects.
Mr. Meridor and some 20 ac-
companying Israeli business-
people and government officials
later toured the valley. The group
was met by 60 Jordanian coun-
terparts for a conference, where
they expressed their desire for
improved economic ties.
Dan can help you prepare for a secure retirement
with investments in such products as The BEST of
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Dan Barish
Vice President
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an affiliate of Comerica Bank.
Eisenberg Is
New Zim Chairman
Jerusalem (JPFS) — Israel Corp.
chairman Shoul Eisenberg was
appointed chairman of the board
of directors of subsidiary Zim Is-
rael Navigation Company at a
board meeting, replacing Moshe
Arens, who had been appointed
to the position only four months
ago.
Dr. Yoram Sebba, Zim's head
of plarming and engineering, was
appointed acting director-gener-
al, replacing Matty Morgenstern,
who resigned at the request of
the company's major sharehold-
er.
Zim is one of the 10 largest
container-shipping companies in
the world. The company is con-
trolled by the government and
Israel Corp., which each have a
48.6 percent holding. The re-
maining shares are held by pri-
vate investors.
The changes in Zim's man-
agement team are part of a deci-
sion by Shoul Eisenberg and his
son Erwin to take immediate
measures following the compa-
ny's losses of more than $2.1 mil-
lion in the first nine months of
1996.
Industry insiders expect Mr.
Eisenberg to implement major
structural and managerial
changes in the company.
The BEST of AMERICA allows you to choose
from among 10 of America's top names in money
management, including:
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Mutual Insurance Company. Copyright 1997, Nationwide Life Insurance Company.
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