Elron buys back NIS 6.87 million Starling convertibles

By Susanna Moon

Chicago, Oct. 6 - Elron Electronic Industries Ltd. said it purchased NIS 6.87 million of Starling Advanced Communications Ltd.'s series A convertible interest-bearing debentures in private transactions.

Elron bought 7,638,323 Starling convertibles at NIS 0.90 each.

Following the buyback, Elron holds NIS 16.31 million of the convertibles, which represents 38.5% of the par value.

Starling is 50% directly and indirectly held by Elron and Rafael Development Corp. Ltd.

Elron is a technology holding company based in Tel Aviv, Israel. Starling produces antenna systems and is based in Yoqneam, Israel.

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