Satellite repair lifts Spacecom

The Amos 5communications satellite will be launched on schedule in December.

Spacecom Satellite Communications Ltd. (TASE:SCC), the operator of the Amos communications satellites, today announced that it had been notified by the manufacturer of the Amos 5 satellite that a flaw in it had been repaired and that the satellite can be launched on schedule in December 2011. The manufacturer is Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1).

Spacecom's share price rose 9.9% by mid-afternoon to NIS 51.30, giving a market cap of nearly NIS 1 billion.

In early July, Spacecom said that a fault in one of the units of the Amos 5 satellite would cause a delay in the timetable for the satellite's launch. In June, it expanded an existing contract with an Internet solutions provider in Africa for the provision of additional satellite communications services for five years, via the Amos 5 satellite. The expanded contract is worth $12.5 million.

Spacecom Satellite Communications is controlled by Shaul Elovitch via Eurocom Group.

Published by Globes [online], Israel business news - - on September 1, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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