THE CADDY THAT ZIG& Tm
1997
idea.

Business

FUNDS from page 142

TM

Morgan Grenfell, SBS Warburg,
Dillon Read, UBS, Lehman Brothers
International (Europe), J.P Morgan
Securities, and Daiwa Europe.
According to Hapoalim, the pro-
gram is flexible framework designed
to issue notes of various types at fixed
and variable interest rates in 23 cur-
rencies linked to varied indexes,
according to the needs of the bank
and market conditions.
The offering has been rated A3 by
Moody's and A minus by Standard &
Poor's.

e.

...

...... ::::•• •

...

Super-Sol
Shares Traded

* Customer responsible for dest., tax, plates, lux tax. All incentives
assigned to dealer. All prior sales excluded.

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DETRorr

10/17
1997

144

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Jerusalem (JPFS) — Super-Sol Ltd. of
Israel raised $96 million through the
sale of American depository receipts
on the New York Stock Exchange.
Each ADR represents five of the
company's Tel Aviv- traded shares.
The shares began trading at
$14.75, rising to $15.10 before clos-
ing at $14.90.
The ADRs were offered at a 10
percent discount to the Tel Aviv share
price, causing the company's Tel Aviv
shares to plunge 6.25 percent.
As a result of the issue, Discount
Investments, which holds a 14 per-
cent stake in Super-Sol, Israel's largest
supermarket chain, expects its fourth-
quarter results to reflect additional
profit. If Discount executes its
Super-Sol options, the company will
post a gain, but the company's hold-
ing will shrink to 11.6 percent.
Super-Sol controls one-third of the
Israeli supermarket industry and has
expanded into other retail markets.
The company has a 40 percent stake
in the Knei Uvnei do-it-yourself
chain, as well as a majority stake in
Super-Kozert, a supermarket chain in
Budapest, Hungary.

Diamond Exports
Show Increase

Jerusalem (JPFS) — Exports of pol-
ished diamonds from israel rose 13.5
percent in September to $441 mil-
lion, compared to $388 million in the
same period last year.
In the January-September period,
exports totalled $3.26 billion, com-
pared to $2.97 billion in the corre-
sponding period last year.
Exports of unpolished diamonds
totalled $70 million in September and
$736 million since the start of the