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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 August, 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: August 10, 1999 By: Shlomo Heller
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Exhibit Description
A. Translation from Hebrew to English of an Immediate
A Report (the "Report"), which was served on the Israeli
Securities Authority, The Tel-Aviv Stock Exchange Ltd. and
the Registrar of Companies, on August 5, 1999, regarding the
completion of the transaction of the sell of Koor's holdings
in Koor Metals Ltd. and regarding an agreement which has
been signed to sell all of Koor's holdings in Phoenicia
Glass Works Ltd. (Hereby: "Phoenicia") to 3I - Investment in
Industry.
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EXHIBIT A
August 5, 1999
The Securities Authority The Tel Aviv Stock Exchange The Registrar of Companies
22 Kanfei Nesharim St. 54 Ahad Ha'am St. 97 Yafo St.
Jerusalem 95464 Tel Aviv 65202 Jerusalem 91007
Fax: 02-6513940 Fax: 03-5105379
Dear Sirs,
Re: Koor Industries Ltd. (Company No. 52-001414-3)
Immediate Report No. 31/99
Koor Industries Ltd. ("Koor") hereby gives notice as follows:
As part of Koor's business strategy to focus on its core business, and sell off
its holdings in the companies which are not part of its core business strategy,
the following transactions have taken place: -
1. Following our immediate report dated July 12, 1999 (see copy attached),
Koor announces that yesterday afternoon it completed the transaction to
sell its holdings in Koor Metals Ltd. - the shares were transferred, the
consideration was received and Koor was released from its guarantees.
2. In addition, as part of the above mentioned strategy - Koor announces that
an agreement has been signed to sell all of Koor's holdings (approx. 75%)
in Phoenicia Glass Works Ltd. (hereby: "Phoenicia") to 3I - Investment in
Industry, for the total amount of NIS 6,000,000 and the release of Koor
from all its third party guarantees made on behalf of Phoenicia, totaling
approx. NIS 36 m.
CPI - Consumers Packaging Inc. (which currently holds 25% of Phoenicia) has the
right of first refusal to purchase Koor's holding in Phoenicia (instead of 3I -
Investment in Industry) at the abovementioned terms, within 30 days.
Yours sincerely,
Adv. Shlomo Heller
Legal Counsel and Company Secretary
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July 12, 1999
The Securities Authority The Tel Aviv Stock Exchange The Registrar of Companies
22 Kanfei Nesharim St. 54 Ahad Ha'am St. 97 Yafo St.
Jerusalem 95464 Tel Aviv 65202 Jerusalem 91007
Fax: 02-6513940 Fax: 03-5105379
Dear Sirs,
Re: Koor Industries Ltd. (Company No. 52-001414-3)
Immediate Report No. 29/99
Koor Industries Ltd. ("Koor") hereby gives notice as follows:
On Sunday, July 11, 1999, an agreement was signed for the sale of all of Koor's
holdings in Koor Metals Ltd. to Accord Technologies Holdings (1999) Ltd., in
consideration of NIS 10,750,000 (linked), and the release of Koor from all of
its guarantees in favor of Koor Metals Ltd. and its subsidiaries to banks and
third parties, in the amount of approximately NIS 34 million.
The closing date of the transaction was fixed at not later than 30 days after
the date of signature of the agreement.
Yours sincerely,
Adv. Shlomo Heller
Legal Counsel and Company Secretary
