Oil Refineries raises $150 million in rights issue

Parent companies Israel Corp. and Israel Petrochemical Industries both realized their full rights in the offering.

Oil Refineries Ltd. (TASE:ORL) succeeded in raising the full $150 million that it was seeking in a rights issue last night. Both parent companies Israel Corporation (TASE: ILCO) and Israel Petrochemical Industries and shareholders realized their full rights in the offering.

Following the rights issue, the Oil Refineries ownership structure has changed. Israel Corp. which invested $55.5 million in the rights issue remains with a 37.1% stake. Israel Petrochemical Industries, which invested $36.5 million, has seen its stake fall to 29.1% from 30.7%.

Published by Globes [online], Israel business news - www.globes-online.com - on December 26, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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