| American Israeli Paper Mills Ltd. Sells TMM Holdings |
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Hadera, Israel, 29 January 2007 -- /PRNewswire/ -- American Israeli Paper Mills Ltd. (AMEX:AIP) (AIPM) announced that following the immediate report dated 04 January 2007, regarding the transaction for the sale of the company's holdings in TMM Integrated Recycling Industries Ltd. (TMM) to CGEA ONYX (Israel) Ltd. (CGEA), that TMM reported today that the purchase offer to the public, that was published by CGEA was accepted. According to the purchase offer, the rest of the shares that were not attended will be purchased by the offerer in a forced purchase.
As stated in the company's report, a few days after the completion of the purchase offer, the sale of the company's holdings in Barthelemi Holdings Ltd., a company through which AIPM and CGEA possess holdings in TMM, will be executed as well. As a result, the company will no longer be a shareholder in TMM.
Source: American Israeli Paper Mills Ltd.
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