This is a free translation to English from the Hebrew language, which was made for convenience purposes only. The official document is in Hebrew, and it can be found at the web site of the Tel Aviv Stock Exchange, at: http://maya.tase.co.il.
Further to items in the Israeli press this morning, Koor Industries Ltd. ("the Company") hereby reports that on April 14, 2008, the Company filed a non-binding indicative letter of intent, in a preliminary proceeding being conducted in the matter, for an investment in Tata Teleservices Limited (a communications company operating in India) ("the Communications Company"). The Company's proposal is for an investment of between NIS 2 and NIS 2.5 billion for the acquisition of a significant portion of minority rights in the Communications Company. At this stage, there is no certainty that the Company will continue its participation in the aforementioned proceeding, and the parties have not yet reached an understanding as to the amount of the investment or the percentage of the holding.
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About Koor Industries
Koor Industries is a leading Israeli holding company, focusing on high-growth, internationally-oriented, Israeli companies. Koor actively invests in agrochemicals through; Makhteshim Agan Industries , in telecommunications through its holdings in ECTel and Telrad Networks; and in venture capital through Koor Corporate Venture Capital. Koor’s Ordinary Shares are traded on the Tel Aviv Stock Exchange (TASE: KOR).
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Company contact |
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Oren Hillinger, Finance Director |
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Koor Industries Ltd. |
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Tel: 972 3 607- 5111 |
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Fax: 972 3 607- 5110 |
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oren.hillinger@koor.com |
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