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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 December, 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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By: Shlomo Heller
Title: General Counsel & Corporate
Secretary
Dated: December 7, 1999
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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 December 6, 1999, regarding the agreement between Koor and
Clal Industries and Investments Ltd., where Koor will sell all
its holdings in Mashav Initiating and Development Ltd. to Clal.
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[Koor Letterhead]
EXHIBIT A
06 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. 44/99
Koor Industries Ltd (Hereinafter: "Koor"), hereby gives notice as follows:
Yesterday evening an agreement was signed between Koor and Clal Industries and
Investments Ltd ("Clal") where Koor will sell all its holdings in Mashav
Initiating and Development Ltd ("Mashav") to Clal. This agreement replaces
previous agreement signed between Koor and Clal regarding Mashav.
Koor will receive in consideration approximately 216 million dollars from Clal.
In addition, Koor will receive 47.5% of the shares of Mashal Alumina Industries.
Mashal Alumina Industries is a subsidiary of Mashav whose primary business is
developing a process to produce Alumina - synthetically produced aluminum oxide.
Preceding the completion of the sale, Mashav will distribute a dividend to Koor
and Clal of approximately 168 million dollars (Koor's share in the dividend will
be approximately 84 million dollars).
Koor's expected net capital gain from this sale is approximately 80 million
dollars.
The transaction is to be completed on January 6, 2000, subject to the approval
of the trade commissioner.
Sincerely yours,
Adv. Shlomo Heller
Legal Counsel and Company Secretary
