The September 11 attacks on the United States and the attacks in Jerusalem Saturday night will not affect Shamrock Holdings' policy of investing in Israel, company chairman Stanley Gold said today.
Speaking at the Globes business conference, Gold noted that these events are not economic in nature. They will not stop Shamrock, which is controlled by the Disney family, from investing in Israel, he stated.
The global recession has created opportunity to invest in Israel, Gold told reporters. One area of interest to Shamrock is communications security, he said, specifically naming certain areas covered by the defense group Elisra.
"It's a good time to buy," he said, adding that he senses the bottom nearing ¿ but when growth resumes, it will be slower than generally expected.
He declined to comment on developments at Koor Industries (Nasdaq:KOR), under chief executive Jonathan Kolber. But if called upon, Shamrock might be interested in investing again in the Israeli conglomerate, Gold added.
Shamrock is thought to have invested some $700 million in Israel so far. Its investments in Israel include 50% of the Pele-Phone Communications mobile phone company, the Telad television broadcasting firm, Matav Cable Systems Media (Nasdaq:MATV).
On Shamrock's investment in Pele-Phone, Gold said he is highly pleased with the strategy of newly appointed CEO Jacob Gelbard. The steps the company is making will take time to have an effect, Gold said, predicting that it will take a year before it's working like a "Swiss watch".
It has also put money into energy through the Tel Aviv-listed Dor group, and holds a stake in Paradigm Geophysical (Nasdaq:PGEO), which makes software and provides services for oil- and gas-exploration companies.
Shamrock has excellent relations with Israel's banks, Gold said. He sees no change in the banks' attitude toward the investment firm, he said.