Ampal Rises to 2-Month High After Globes Gas-Supply-Talk Report
Ampal-American Israel Corp. (AMPL) rose to the highest since November as Globes reported East Mediterranean Gas Co., in which Ampal holds a stake, is in talks with Israel Electric Corp. to sign a $2.5 billion gas-supply deal.
The shares jumped as much as 9.2 percent to 12.5 shekels, the highest intraday level since Nov. 26. Ampal gained 4.4 percent to 11.95 shekels at 12:09 p.m. in Tel Aviv, giving the company a market value of 690 million shekels ($185 million).
The accord between East Mediterranean and Israel Electric would provide for the supply of as much as 1.5 billion cubic meters of gas a year, the newspaper reported, without saying where it got the information. Ampal-American holds a 12.5 stake in East Mediterranean.
Ampal-American yesterday climbed the most in more than three months as the holding company said East Mediterranean completed a different deal to sell gas to Israel Electric.
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