Bezeq investors to sell bloc

Sources inform "Globes" that Citi plans to distribute today about 96 million shares in Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ), representing about 3.6% of Bezeq's share capital.

The shares belong to the controlling shareholders in Bezeq - the Apax Partners, Saban Capital Group Inc., and Mori Arkin consortium, called FSBR. The price will be about NIS 7.80-7.85, a discount of approximately 4% compared with the closing price yesterday.

The share distribution will be carried out through Leader Capital Markets.

The distribution today follows two other recent distributions of Bezeq shares. 155 million shares, owned by Gad Zeevi, but held by his receiver, were sold in August to pay back bank debts, and about 149 million shares were sold by the controlling shareholders Apax, Saban, and Arkin.

Market sources told "Globes" today that Bezeq's controlling shareholders are looking to take advantage of the relatively high share price. The shares have risen 2.5% in the past month, and are up 3.7% so far this year.

Terms of the purchase were closed last night, and today the shares will be distributed to investors who already committed to purchasing them.

Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009