Under this agreement, Ormat Technologies will acquire Ormat Industries through a share exchange that will eliminate OIL's majority ownership interest in, and control of, Ormat Technologies. Ormat Industries Ltd currently holds about 60% of Ormat Technologies' outstanding common stock.
Isaac Angel, Ormat Chief Executive Officer, stated: "Streamlining our corporate structure is a crucial step to unlocking the value inherent in our business. Ormat transitioning to a non-controlled single public listing will significantly increase the number of shares available to be publicly traded. We believe that enhancing liquidity and increasing shareholder base will translate to increasing shareholders value."
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