Release Details

Immediate Report – Privatization Announcement

November 13, 2001
The Securities Authority, Jerusalem, Israel
The Tel Aviv Stock Exchange, Tel-Aviv, Israel
The Registrar of Companies, Jerusalem, Israel


 
Dear Sirs,

 
Immediate Report – Privatization Announcement.

 
The Company hereby submits the following Immediate report:

   
On November 13, 2001, the Government of Israel published, through
the Government Companies Authority, a notice in the Israeli and
foreign press, stating that the Government is considering the sale
of the holdings of the State of Israel in the Company by way of
a private sale.

   
The notice states that the State's holdings for sale include shares
of 50.01% of the share capital of the Company.

   
The notice calls for interested entities to purchase the "sale procedure",
which includes, inter alia, a series of threshold conditions, and the date
set for submitting applications under the terms prescribed in the sale
procedure is February 13, 2002.

   
The notice states that the State reserves the right to change the terms,
interrupt or terminate the sale process at any time, without publishing
any further notice.

   
In addition, the notice states that the State's holdings in the Company
will be transferred to the buyer only after the Company has raised
approximately NIS 890 million by way of a share issuance.


 
Yours sincerely,

Shlomo Koppel
Company Secretary

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