Palestine Economic Corporation has registered with the Securities and Exchange Commission an issue of 81, 725 shares of common stock to be sold at par value of $25 per share, for a total of $2, 043,125, it was announced today. According to the Prospectus, the 36-year-old company had 616,730 shares of common stock outstanding, and assets totaling $19,369,603 as of December 31, 1961.
The registration represents the balance of an offering of 120,000 shares originally registered with the SEC on September 27, 1961 of which 38,275 shares with an aggregate par value of $956, 875 had been sold as of March 31, 1962. Proceeds of sale are to be devoted to further participation of PEC in the development of Israel industry, agriculture, trade and construction.
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