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Eltek receives USD 1.4M loan from Nistec
PCB manufacturer Eltek has obtained a loan of NIS 5 million (USD 1.4 million) from Nistec Ltd., the company’s controlling shareholder.
Mr. Yitzhak Nissan, Chairman of the Board and Chief Executive Officer, commented: "As Eltek’s controlling shareholder, Nistec, by providing the loan to Eltek, demonstrated its support and confidence in the Company. The loan will assist the Company to improve its financial condition and contribute to growing its business."
The principal terms of the loan are:
- The loan will not bear interest, but will be linked to increases in the Israeli consumer price index.
- Nistec, in its sole discretion, may demand full repayment of the loan at any time, with two business days’ prior notice. In addition, Nistec may demand immediate repayment of the loan upon the occurrence of certain customary events of default or in the event of a change of control.
- The loan (or any part thereof) may be repaid at any time at the company’s discretion.
