OSHAP TECHNOLOGIES <OSHSF.O> IN JOINT VENTURE
OSHAP Technologies Ltd said it formed a
joint venture with the Regional Investment Co of the Wallon
Region, a Belgian government-controlled investment company.
    It said the agreement is subject to approval of the Israeli
Controller of Foreign Exchange.
    Under the agreement OSHAP will establish a new corporation
which will own all of OSHAP's operations in Europe, including
its manufacturing facility in Antwerp, Belgium and distribution
rights to OSHAP's other products in Europe.
                                        
    The newly formed company will acquire from the Regional
Investment Co of the Walloon Region (SPIW) about 88 pct of
Pegard Productics S.A. and SPIW will be entitled to receive for
its interest in Pegard about 37 pct of the outstanding shares
of the new company.
    In addition, if the National Investment Co of Belgium, a
Belgium government controlled investment company, chooses to
participate in the transaction, it will be entitled to receive
a 4.7 pct stake in the new company for its 12 pct interest in
Pegard.
 Reuter
