Bezeq's board of directors approved further injection of funds to YES in the future, under certain conditions. Bezeq general manager Ilan Biran welcomed the decisions.
Bezeq's board of directors today approved continued injection of funds to satellite broadcasting company YES, after receiving updated data on its business plans.
The directorate decided that Bezeq would inject $12 million now, and approved Bezeq's participation in the future injection of funds in YES by shareholders, as the need for funding the company's activity arises in the future. Bezeq will participate in these injections of funds proportionately to its share in YES, which is currently 30%.
Bezeq general manager Ilan Biran welcomed the decision. He said that the decision to continue the partnership in YES and invest in it is the right strategic decision for Bezeq.
At the same time, the directorate determined conditions for continuing Bezeq's participation in funding the satellite company's activity in the future. One condition is that an arrangement is found for bank financing of no less than 50% of YES cash-flow deficit, by no later than the end of 2000. A second condition is that Bezeq's overall exposure in regard to YES will not exceed the approved framework, or future frameworks to be approved by the Ministerial Committee for Privatization.
Published by Israel's Business Arena on 11 April, 2000