IAI owned 14.87% of Spacecom.
Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) has sold its entire stake in Spacecom Satellite Communications Ltd. (TASE:SCC) to Eurocom Group, owned by Shaul Elovitch. Spacecom operates the Amos communications satellites.
IAI sold 2,425,000 Spacecom shares, amounting to 14.87% of the company, for NIS 167.3 million. The sale price was NIS 69 per share. The sale boosts Eurocom's holding in the company from 51.48% to 66.35%.
Spacecom's share price fell 0.3% in early trading to NIS 70.72, giving a market cap of NIS 1.29 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010