El Al’s Board of Directors decided: the company is on its way to nationalisation

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El Al’s Board of Directors ruled on Sunday evening in favour of the outlay the Finance Ministry suggested in order to keep the airline in business during the global coronavirus crisis.

The state of Israel will guarantee a $250 million loan and will purchase $150 million worth of stocks in the company, meaning it would control 61% of El Al.

The process of releasing these new stocks for the state to buy them is expected to be completed by early October 2020

Source: Calcalist and The Jerusalem Post

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