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Bethel Finance news:
Geothermal company Ormat Industries Ltd. (TASE: ORMT) will distribute a dividend of NIS 2.83 per share, for a total of NIS 336 million, on December 27. The balance of the company's profit after the dividend is $348.5 million.
Ormat's board of directors, under chairman Yehuda Bronicki, approved the dividend as the company met all profit and ability to pay criteria. The company said that it has no business except for its US subsidiary, Ormat Technologies Inc. (NYSE: ORA), which handles operations, and that it does not need financing to fund the dividend.
Ormat's share price rose 1.8% in early trading today to NIS 21.75, giving a market cap of NIS 2.5 billion. Ormat Technologies' share price rose 2% in New York yesterday to $18.51, giving a market cap of $841 million.
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