Koor Industries Ltd., a leading Israeli investment holding company, has signed an agreement to sell 15.9 million shares in Makhteshim Agan Industries ("Makhteshim Agan"), for NIS 374.3 million (approx. $85.5 million on the date of sale) to Merrill Lynch International. The sale was conducted at a share price of NIS 23.50 per share, representing a 3.3 percent discount to the closing trade of February 3, 2005. Following the transaction, Koor will hold 34.2 percent of the voting capital of Makhteshim Agan. The transaction is expected to be settled on February 7, 2005.

As part of the transaction, Koor has committed not to sell any additional shares of Makhteshim Agan for the nine months following the transaction.

Source: PR Newswire