ITRN Ituran Location and Control Ltd

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

 

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2023

 

Commission File Number 001-32618

 

Ituran Location and Control Ltd.

(Exact name of Registrant as specified in its Charter)

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3 Hashikma Street, Azour 58001, Israel

(Address of Registrant’s principal executive offices)

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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒     Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

Yes ☐   No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

Yes ☐   No ☒

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐   No ☒

99.1	On August 15, 2023, Ituran Location and Control Ltd. issued a press release announcing the dividend record date. A copy of this press release is annexed hereto as Exhibit 99.1.

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

	ITURAN LOCATION & CONTROL LTD.
	(Registrant)
	By:	/s/ Eyal Sheratzky
		Name: Eyal Sheratzky
		Title: Co-Chief Executive Officer

Date: August 15, 2023

Exhibit	Item
99.1	Press Release, dated August 15, 2023, announcing the dividend record date.

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ANNOUNCES DISTRIBUTION OF A $3 MILLION DIVIDEND

In its decision to approve the distribution of the cash dividend, the Board of Directors examined whether the Company meets the distribution criteria according to Israeli law. The Board of Directors concluded that the abovementioned distribution will not undermine the Company’s ability to keep performing in its current course of business or future, plans and is able to meet its undertakings when due.

Retained earnings as of June 30, 2023, prior to the distribution was US$186.7 million and retained earnings will reach US$183.7 million after the distribution. The Board of Directors emphasized that as of June 30, 2023, the Company had a cash balance in hand of US$34.2 million (this amount is prior to the payment of a dividend of approximately US$3 million which was issued for the first quarter 2023 and was paid out in July 2023). The Company also had long-term loan of US$0.3 million and credit from banking institutions of US$4.1 million. As of June 30, 2023, the Company’s current assets (excluding cash and cash equivalents) were in the sum of US$132.3 million and current liabilities were in the sum of US$93.7 million.

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Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance industry and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology.

Ituran's subscriber base has been growing significantly since the Company's inception to over 2 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 2,700 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States.

For more information, please visit Ituran’s website, at: www.ituran.com

 

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