Israel Petrochemical Enterprises Ltd

Israel Petrochemical Enterprises Ltd. (IPE) is a public holding company whose shares are listed on the Tel Aviv Stock Exchange. Engaging primarily in the energy sector and tangential sectors, IPE employs a two-pronged strategy of enhancing its existing assets to sustain steady internal growth, and investing long term in companies in its business environment and in new fields.

IPE was founded in 1961 as an industrial company engaging mainly in the manufacture of polyethylene. In 1978, IPE became a public company and its shares were listed on the Tel Aviv Stock Exchange.

In 1991, a new subsidiary, Carmel Olefins Ltd. (CAOL), was founded, into which the ethylene plant of Oil Refineries Ltd. (ORL) and IPE’s polyethylene plants were merged. As a result of this merger, IPE became a holding company, holding CAOL, jointly with ORL, in equal shares. At the end of 2009, a stock-swap merger of CAOL and ORL was completed, under which the Company sold its holdings of CAOL to ORL in exchange for an allotment of ORL shares.

As a holding company, IPE seeks to expand and enhance the value of its portfolio of holdings, and has executed a number of investments in recent years.

Milestones

May 2006 – acquisition of the control of Scailex Corporation Ltd.

August 2006 – closing of the transaction for the acquisition of Avgol shares

November 2007 – acquisition of 15.76% of the share capital of Oil Refineries Ltd. (ORL

April 2008 – sale of the holding of Scailex to Suny

May 2009 – receipt of the control permit from the government for control of ORL

December 2009 – consummation of the merger agreement between Carmel Olefins and ORL for the consideration of an allotment of 17.75% of ORL’s issued share capital.

Both comments and pings are currently closed.

Comments are closed.