The telco's share price has fallen 23% since January.
HOT Telecommunication Systems Ltd. (TASE: HOT), controlled by Patrick Drahi through Cool Holdings Ltd., today announced a NIS 184 million share buy-back plan. The buy-back includes NIS 125 million through an offer to purchase at NIS 38 per share, a 17% premium on today's opening price of NIS 32.60.
HOT's share price has fallen 23% since the beginning of the year. The share price fell 13% in the first three weeks of May, before correcting upwards by 10% this week, not including today.
HOT said, "In view of the current price level at which the company's share is traded on the TASE, the company considers the purchase of shares as a good business opportunity and vote of confidence in the company."
HOT's share price rose 9.1% in morning trading to NIS 35.41, giving a market cap of NIS 2.7 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 31, 2012
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