EXHIBIT A
KOOR INDUSTRIES LTD.
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OFFICE OF LEGAL COUNSEL
21 Ha'arba'a Street
Tel Aviv 64739
Israel
Tel: 972-3-6238420
Fax: 972-3-6238425
August 16, 2000
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
Tel Aviv 65202
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Fax: 02-6513940 Fax: 03-5105379
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Dear Sirs,
Re: Immediate Report - Koor Industries Ltd. (NO. 48/2000)
Company No. 52-001414-3
Koor Industries, Ltd. (hereinafter: "Koor") hereby announces as follows:
Yesterday afternoon, an Agreement was signed by Koor Properties, Ltd (a
subsidiary wholly owned by Koor) to sell its holdings (50%) in Sha'ar Hacarmel
Ltd. (a company owning income producing real estate) to a foreign company,
Carmel Gate Holdings APS.
The closing of the transaction will be within 45 days of the signing of the
Agreement.
The return on this transaction will be 20 million dollars. The net capital gain
(after taxes), which is expected to be recorded in Koor's books is approximately
50 million NIS.
Yours sincerely,
Shlomo Heller, Adv.
