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Ampal sells Carmel Containers stake for $3.4m.
(From Israel Business Arena)
Byline: Nir Goldberg
Ampal American Israel Corporation, controlled by Yosef (Yossi) Maiman, is selling its 21% stake in Carmel Container Systems.
American Israeli Paper Mills Ltd. (Amex: AIP) [AIPM] holds 26.25% of the outstanding shares of Carmel.
Today, Ampal announced that its board of directors approved the Carmel sale, to be carried out via subsidiary Ampal Enterprises.
Ampal Enterprises will sell 504,000 shares for $3.4 million. The price for the purposes of the transaction was set at $6.57 per share, or 9% above the current market price. After the deal is closed, Ampal is expected to write down a …
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