Polar Communications Ltd. (TASE: PLRC) will sell 758 shares in television broadcaster YES, officially known as DBS Satellite Services (1998) Ltd., amounting to 2.54% of the company, and 32% of its owners loan to YES, to Yoav Harlap for NIS 40 million. Harlap is from the family that owns vehicle importer Colmobil Group. Polar Communications currently owns 7.92% of YES.
Polar Communications said that the buyer, whose name it did not disclose, is not a party at interest in YES.
Polar Communications' outstanding owners' loan to YES, including interest and linkage, was NIS 192 million at the end of June. The value of the loan sold, including interest and linkage, is NIS 61.5 million.
Shrem Fudim Group Ltd. (TASE: SFG) subsidiary Leader Holdings and Investments Ltd. (TASE: LDER) owns 56.46% of Polar Communications. Polar Communications' share fell 0.6% in early trading today to NIS 1.04.The share is up 315% year to date, despite an 11% drop in September.
Published by Globes [online], Israel business news - www.globes-online.com - on September 29, 2009
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