Immediate Report

RNS Number:4640Z
Technoplast Industries Ld
07 June 2004

                                                           R. YOHAY & CO., LAW OFFICES

                                        TOP  TOWER,  50, DIZENGOFF ST., TEL AVIV 64332
                   FAX: 525-03 39 83      e-mail: ryohay@ryylaw.com  TEL: 525-03 39 72


ROBERT YOHAY                                                      GILL RIMON
                                                                  EYNAT BRETSHNAIDER

Tel Aviv, 23 May 2004


The London Stock Exchange
Company Announcements Section
Fax: 44-207-5886057



Dear Sir,


            RE:       Technoplast Industries Ltd - Immediate report



Technoplast Industries Ltd. (hereinafter: "the Company") has announced to the
Tel Aviv Stock Exchange and to the Israeli Securities Authority, as an immediate
report, as follows:


1.         On 13 May 2004, The Tel Aviv District court approved the Company's
creditors arrangement.



2          The Closing of the transaction between the Company and Kidron
Management and Holdings (1961) Ltd. (hereinafter: "Kidron") has been performed.



3.         As part of the closing of the above transaction, the Company issued
145,613,968 of its ordinary shares as follows:



            -           76,180,966 of the Company's ordinary shares were issued
to Kidron in consideration for the transfer of 65 ordinary shares of Kidron
Plastics Ltd. to the Company (65% of Kidron Plastics Limited's issued and paid
up shares capital).



            -           41,020,520 of the Company's ordinary shares were issued
to Michael and Sigal Suzs in consideration for the transfer of 35 ordinary
shares of Kidron Plastics Ltd. to the Company (35% of Kidron Plastics Limited's
issued and paid up shares capital).



            -           19,470,519 of the Company's ordinary shares were issued
to Michael Suzs upon the partial exercise of the option as defined in paragraph
3.3 of the immediate report published by the Company on 30 November 2003, in
consideration for payment in cash of US$ 342,640.24.



            -           8,941,963 of the Company's ordinary shares were issued
to the third party mentioned in paragraph 14.4 of the immediate report published
by the Company on 30 November 2003 upon the partial exercise of the option as
defined in paragraph 3.3 of the immediate report published by the Company on 30
November 2003, in consideration for payment in cash of US$ 157,359.76.



4.         In total, the Company received, in consideration for the above
issuance, all of Kidron Plastics Limited's issued and paid up share capital and
a cash payment of US$ 500,000.



5.         As part of the closing of the above transaction, all of the Company's
directors (with the exclusion of the public directors) handed in their
resignation from office.



6.         As part of the closing of the above transaction, Messrs. Michael
Suzs, Moshe Katz, Rami Mardor, Yakov Miedan and Ofer Tzimchi had been appointed
as directors of the Company.



7.         Immediately subsequent to the closing of the above transaction,
Kidron transferred 8,941,963 of the shares issued to it to Mr. Rami Mardor.





                                Yours Sincerely,





                                Gill Rimon, Adv.

                          R. Yohay & Co., Law Offices




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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