Published On: Thu, Dec 26th, 2013

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%.

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