Private investor Ilan Shoshani and his company Newcall Ltd., of H.S.N. Communication Investments Ltd. have purchased a 26% interest of Israel's XFONE Communication Ltd., a majority-owned subsidiary of US-based XFONE, Inc.
In July 2004, XFONE Communication was awarded a license to provide international telecom services in Israel. XFONE Communication is one of six international carriers in Israel and is expected to initiate its services in Israel in December utilizing the three-digit dialing code of "018".
Shoshani's stake in XFONE Communication will be held by Newcall Ltd., a company owned by him and his wife. In addition, Shoshani will replace an existing NIS 10 million bank guarantee, and will extend a $400,000 shareholder loan to XFONE Communication.
Shoshani has also been appointed to serve as a director of XFONE Communication. In February 2004, BezeqCall Communications acquired the activity of NewCall for $2.5 million, which was mainly maintaining Coral switchboards made by Tadiran Telecom Business Systems.
Meanwhile, parent company XFONE is in verbal agreement to transfer 5% of its ownership to a company that owns 20% of H.S.N. Communication Investments, which is an Israel-based company. This will leave XFONE with a majority ownership of a 69% interest in XFONE Communication. The agreement is subject to the Ministry of Communications' approval.
Published by Globes [online] - www.globes.co.il - on Wednesday, December 01, 2004