Minister of Finance Dan Meridor: Next year the State will sell controlling interest. Bezeq employees will be compensated for privatization.
The Ministerial Committee on Privatization, headed by Prime Minister Benjamin Netanyahu, today decided to reduce the State of Israel’s holdings in Bezeq to 52%, by selling off a 24% share, in addition to the 24% already owned by the public and Cable & Wireless.
According to today’s decision, privatization will take place via share issues, either in Israel or abroad, and via the sale of share blocs. According to plan, 10% will be issued in July on the TASE. A 14% share offer will be made to foreign investors at a later date. The share issue in Israel will be based on Q1 ’97 results.
The committee also decided that Bezeq employees will be reimbursed for the privatization move, and will also be compensated for past share issues.