El-Al goes public: After months of uncertainty about the future of the Israeli airline, today (Thursday) the company’s board of directors announced the implementation of the outline proposed by the state – according to which the company will issue its shares to the general public in the amount of $ 150 million – a necessary step in approving loans to the state.
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The move came to fruition after heavy pressure from Transportation Minister Miri Regev on the company’s heads and employees. In addition, Regev also initiated an amendment to the law that will allow El-Al to again postpone the payment date for customers who have already ordered airline tickets from the company – in an amount estimated at NIS 1 billion.
According to the outline approved by the board, the shares will be issued by the end of August, of course, unless unexpected changes occur. In parallel with the IPO process, the Ministry of Finance approved a gradual release of funds that will assist El-Al in the amount of $ 60 million.