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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of October, 1999
Koor Industries Ltd.
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(Translation of registrant's name into English)
4 Kaufman Street, Tel-Aviv, 68012, Israel
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
FORM 20-F X FORM 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.
YES NO X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-_____
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
/s/ Shlomo Heller
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Date: October 26, 1999 By: Shlomo Heller
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Exhibit Description
A. Translation from Hebrew to English of an Immediate Report
(the "Report"), which was served on the Israeli Securities
Authority, The Tel-Aviv Stock Exchange Ltd. and the
Registrar of Companies, on October 26, 1999, regarding a
memorandum of understanding which has been signed by
Tadiran, a wholly owned subsidiary of Koor, for the sale of
Tadiran's holding in Tadiran Appliances Ltd. to Nechushtan
Investment Co. Ltd..
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[Koor Letterhead]
EXHIBIT A
26 October, 1999
The Securities Authority The Tel Aviv Stock The Registrar of Companies
22 Kanfei Nesharim St. Exchange 97 Yafo St.
Jerusalem 95464 54 Ahad Ha'am St. Jerusalem 91007
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Fax: 02-6513940 Fax: 03-5105379
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Dear Sirs,
Re: KOOR INDUSTRIES LTD. (COMPANY NO. 52-001414-3)
IMMEDIATE REPORT NO. 38/99
Koor Idustries LTD. ("Koor") hereby gives notice as follows:
Yesterday afternoon a binding memorandum of understanding has been signed by
Tadiran Ltd. (hereinafter: "Tadiran"), a wholly owned (100%) subsidiary of Koor,
for the sale of Tadiran's holdings - about 56% - in Tadiran Appliances Ltd.
(hereinafter: "TAL"), to Nechushtan Investment Co. Ltd. (hereinafter:
"Nechushtan").
The consideration for Tadiran's holdings will be calculated on the basis of an
agreed company value of TAL for the purpose of the transaction, which will be
85% of the shareholders' equity of TAL according to TAL's financial statements,
for September 30 1999, subject to certain adjustments.
Tadiran and Nechustan will sign a final contract within 60 days.
The execution of the transaction, subject to due diligence, is conditioned upon
receiving certain approvals, including the approval of the Restrictive Trade
Commissioner.
Yours sincerely,
Adv. Shlomo Heller
Legal Counsel and Company Secretary
