Ampal Rises Most in a Month on Supply Agreement With Makhteshim
Ampal-American Israel Corp. (AMPL), the company that invests in Israel-related businesses, climbed the most in more than a month in Tel Aviv trading after a unit agreed to sell gas to Makhteshim-Agan Industries Ltd.
The shares advanced as much as 11 percent, the biggest gain since Nov. 16, and traded up 5.4 percent at 10.77 shekels as of 11:22 a.m. local time. The stock has surged five-fold this year, giving the company a market value of 634 million shekels ($167 million).
Ampal’s 12.5 percent-owned East Mediterranean Gas Co. will supply the fuel to the world’s largest maker of generic agrochemicals for five years. Delivery is scheduled to begin in the middle of 2010, Ampal said late yesterday in a Business Wire statement.
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