Air Transport World

El Al.(Africa/Middle East)(El Al Israel Airlines)(Brief Article)

Retiring Chairman Michael Levy in March presented the airline's best quarterly financial results in a decade and full-year profits for 2003 scant months ahead of a major makeover of the company. The state-controlled carrier was floated on the Tel Aviv Stock Exchange in June 2003 and majority control was expected to shift to private hands as early as last month under designated interim Chairman Yair Shamir. Only 15% of shares were sold in the IPO while 85% were traded in the form of options, the first of which were to expire on June 5, a year after the float. If, as widely expected, all parties exercised their A Series options, the state's shareholding would have dropped to 49.93% as of June 10. …

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