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IEC workers want options in fiber optic venture

2 Apr, 2012 16:15
שלח תגובה במיילGad Perez

Market sources believe that the employees will be granted options.

Israel Electric Corporation (IEC) (TASE: ELEC.B22) employees are demanding options or shares in the fiber optics communications venture that the company will be involved in. Sources believe that in all likelihood employees will be granted options, which will be out of the IEC's share rather than the stake of the private investors in the venture. In any event no details have been decided but this is the direction in which matters are believed to be going.

Meanwhile, the fiber optic communications venture is stuck and anyway IEC executives are preoccupied with the crisis in the electricity market.

IEC is meant to hold a 49% stake in the fiber optic venture with the remaining shares held by private investors who will have a controlling interest. Potential investors are awaiting a response from the tenders committee regarding the conditions of the tender and changes following the collection of data and analyses about their position on the matter.

In the coming days the tenders committee is expected to announce some easing of certain conditions.

Published by Globes, Israel business news - www.globes-online.com - on April 2, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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