HAIFA, Israel, August 14 /PRNewswire/ --
- All Resolutions Approved, Including Acquisition of 50%-Balance in Carmel Olefins
Oil Refineries Ltd. (TASE: ORL.TA) ("Oil Refineries" or the "Company") has announced the results of the Special General Shareholders Meeting held on August 13, 2008.
The following resolutions were approved:
1. Engagement with the Israel Petrochemical Enterprises Ltd. ("IPE") dated June 24, 2008, in which the controlling shareholder of the Company has a personal interest in a transaction.
2. An increase in the Company's authorized capital by NIS 1,000,000,000 divided into 1,000,000,000 ordinary shares of NIS 1 par value each, in such a way that following the increase of the capital, the Company's authorized capital will be of NIS 3,000,000,010 divided into 3,000,000,010 ordinary shares of NIS 1 par value each.
3. The amendment of Article 178(A) and Article 178(B) of the Company Articles in such a way that a resolution regarding the distribution of dividends, will be at the authority of the Board of Directors (and not of the general meeting of the Company as determined before).
4. Deletion of Article 178(c) of the Company's articles for the cancellation of the prohibition for a subsidiary or a company controlled by the Company to acquire shares of the Company.
For the full wording of the resolutions on the agenda, please view the English convenience translation of the Special General Meeting notice from July 10, 2008, available on the Company's website - http://www.orl.co.il, under Investor Relations, Company Releases.
Following the above resolutions, the Company also announced the updating of its Memorandum of Association and Articles of Association to include the above approved share capital increase and changes to article 178 of the Company's Articles of Association. The full wording of the updates and the full updated Memorandum of Association and Articles of Association, are available (Hebrew) on the Company's website - http://www.orl.co.il, under the Hebrew Investor Relations section.
About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), located in the bay area of Haifa, is Israel's largest oil refinery. Using sophisticated state-of-the-art industrial facilities, ORL is capable of refining approximately 9 million tons of crude oil per year providing a variety of products used in industrial operation, transportation, private consumption, agriculture and infrastructures. With the refining business representing 90% of the Company's total activities, ORL produces refined products with a high added value by using complex refinery facilities and at 7.4 on the Nelson Complexity Index, among the highest in the East Mediterranean region. The Company has a maximum crude oil refining capacity of approximately 24,800 tons per day (180,000 barrels per day). Over 75% of the Company's produce goes to local consumption, while the balance is exported, primarily to the Mediterranean basin. The Company is active in Polymers and Aromatics through its holdings in Carmel Olefins Ltd. and wholly-owned Gadiv Petrochemical Industries Ltd. The Company also provides power and heat services to industrial customers in the Haifa Bay, as well as infrastructure services (storage, pumping and truck loading of fuel products). ORL is traded on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit the Company's website: http://www.orl.co.il
Contacts Company Contact: Rami Sasson EVP Business Development & Capital Markets Oil Refineries Ltd.; Tel. +972-4-878-8114; ContactIREn@orl.co.il Investor Relations Contact: Ehud Helft \ Fiona Darmon GK Investor Relations Tel. +1-866-704-6710 \ +972-54-566-3221 info@gkir.com
Contacts: Company Contact: Rami Sasson, EVP Business Development & Capital Markets, Oil Refineries Ltd.; Tel. +972-4-878-8114;, ContactIREn@orl.co.il. Investor Relations Contact: Ehud Helft \ Fiona Darmon GK Investor Relations, Tel. +1-866-704-6710 \ +972-54-566-3221, info@gkir.com
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