Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) notified the Tel Aviv Stock Exchange (TASE) yesterday that Menorah Mivtachim Holdings Ltd. (TASE: MORA) has become a party at interest in the company with a holding of 5.09%. Gilat said that various subsidiaries of Menorah own 2,047,701 shares of the company altogether.
Gilat makes very small aperture terminals (VSAT) for satellite communications and provides peripheral equipment and services.
Menorah bought the shares over a period of 60 days for a total of $1.8 million. Menorah made the investment using money from investment accounts of its insurance, pension, mutual and provident funds divisions.
Gilat's share closed at $5.75 on Nasdaq yesterday, giving a market cap of $231 million. The share fell 1.7% in morning trading on the TASE today to NIS 20.84. Menorah's share rose 1.7% to NIS 48.80, giving a market cap of NIS 3.04 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2010
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