[Federal Register Volume 67, Number 63 (Tuesday, April 2, 2002)]
[Notices]
[Page 15637]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-7900]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application To Withdraw From Listing 
and Registration; (Electrochemical Industries, Ltd., Common Stock, Par 
Value NIS 1 Per Share) From the American Stock Exchange LLC File No. 1-
10422

March 27, 2002.
    Electrochemical Industries, Ltd., a corporation organized under the 
laws of Israel (``Issuer''), has filed an application with the 
Securities and Exchange Commission (``Commission''), pursuant to 
section 12(d) of the Securities Exchange Act of 1934 (``Act'') \1\ and 
Rule 12d2-2(d) thereunder,\2\ to withdraw its Common Stock, par value 
NIS 1 per share (``Security''), from listing and registration on the 
American Stock Exchange LLC (``Amex'' or ``Exchange'').
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    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
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    The Issuer stated in its application that it has met the 
requirements of Amex Rule 18 by complying with all applicable laws in 
effect in Israel, in which it is incorporated, and with the Amex's 
rules governing an issuer's voluntary withdrawal of a security from 
listing and registration. The Amex has, in turn, informed the Issuer 
that it does not object to the proposed withdrawal of the Issuer's 
Security from listing and registration on the Exchange. The Issuer 
states that it will continue listing its Security on the Tel Aviv Stock 
Exchange. The Issuer's application relates solely to the withdrawal of 
the Security from listing and registration under section 12(b) of the 
Act \3\ and shall not effect its obligation to be registered under 
section 12(g) of the Act.\4\
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    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
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    The Board of Trustees (``Board'') of the Issuer unanimously 
approved a resolution on March 10, 2002 to withdraw the Issuer's 
Security from listing on the Amex. In making the decision to withdraw 
its Security from the Amex, the Board cites low trading volume and 
market capitalization of its Security. In addition, the Company has 
recently sustained losses and is uncertain when it will return to 
profitability. The Company's Security has fallen below certain Amex 
guidelines with respect to continued listing due to the present market 
conditions of the Company's production.
    Any interested person may, on or before April 19, 2002, submit by 
letter to the Secretary of the Securities and Exchange Commission, 450 
Fifth Street, NW., Washington, DC 20549-0609, facts bearing upon 
whether the application has been made in accordance with the rules of 
the Amex and what terms, if any, should be imposed by the Commission 
for the protection of investors. The Commission, based on the 
information submitted to it, will issue an order granting the 
application after the date mentioned above, unless the Commission 
determines to order a hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(1).
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Jonathan G. Katz,
Secretary.
[FR Doc. 02-7900 Filed 4-1-02; 8:45 am]
BILLING CODE 8010-01-P