Photo Credit: Tomás Del Coro / Wikimedia
Israel’s national carrier, El Al Airlines signed a non-binding memorandum of understanding (MOU) setting up a joint venture to funnel to the airline a major stream of passengers through the tourism services provider.
El Al has notified the Tel Aviv Stock Exchange (TASE) of the impending move, in which ISSTA will purchase 4.9 percent of the airline at NIS 7.20 per share, according to Globes.
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Once the deal is finalized, El Al and ISSTA will own equal shares – 40 percent each – and the airline’s controlling shareholder, Kenny Rozenberg, will own 20 percent.
A binding agreement is to be finalized and signed within the next 90 days.
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