El Al Israel Airlines Ltd. (TASE:ELAL) has notified the Tel Aviv Stock Exchange (TASE) that it has signed a non-binding memorandum of understanding (MoU) with travel and tourism services provider ISSTA (TASE: ISTA) to set up a joint venture. Under the terms of the MoU, ISSTA will buy a 4.9% stake of El Al within 60 days at NIS 4.20 per share. The joint venture will be owned by ISSTA (40%), El Al (40%) and El Al controlling shareholders Kenny Rozenberg (20%). El Al and ISSTA plan to complete negotiations and sign a binding agreement within 90 days. RELATED ARTICLES Kenny Rozenberg increases stake in El Al El Al launching four new routes this month El Al reports biggest Q4 profit since 2015 Kenny Rozenberg bets on El Al's booking boom The agreement will provide El Al with a major stream of passengers through ISSTA's expertise in selling vacation packages. El Al's share price is up 1.38% today at NIS 3.88 and ISSTA's share price is down 0.98% at NIS 74. Published by Globes, Israel business news - en.globes.co.il - on April 30, 2023. © Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
