TEL AVIV: MA Industries, the world's biggest provider of generic crop protection chemicals, raised 678 million shekels ($179 million) in a private bond offering to institutional investors, the company said on Sunday.
The money raised will be used to refund debt and to finance ongoing business activities including acquisitions, MA said in a statement.
The company saw demand of 1.1 billion shekels for its bonds from institutions, who received 60 percent of their orders.
China National Chemical Corp (ChemChina) owns 60 percent of MA Industries while Israeli holding company Koor Industries, a subsidiary of IDB Holding Corp, owns the rest.