Private issue for Paper Mills. (American Israeli Paper Mills)

Private Issue for Paper Mills

A private issue of non-negotiable index-linked bonds is being planned by American Israeli Paper Mills. The issue, which is being handled by Clal Issuing and the First International Bank of Israel, also may include share options. The offer presents problems for the provident funds, which are the major potential buyers, since they can only record non-negotiable securities at zero value in their books.

As the law does not allow mutual