Gilat to pay $55m in dividends

Gilat Communications  / Photo: Tamar Matsafi, Globes

The Israeli satellite communications company will pay a cash dividend to shareholders and an additional $35 million following the cancelation of the acquisition by Comtech.

Israeli company Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) has announced today that its board of directors has declared a cash dividend to shareholders of $0.36 per share (totaling $20 million). The dividend will be paid on December 2, 2020 to shareholders of record on November 12, 2020.

Gilat will also file a motion with the Israeli court to approve the declaration of an additional cash dividend of $35 million.

Gilat interim CEO Adi Sfadia said, "Following the receipt of the termination payment from Comtech, we are pleased to distribute this meaningful dividend to our shareholders. Our highly liquid financial position which consists of approximately $140 million in net cash and our valuable unrealized real estate assets allows us to distribute this dividend while exploring several interesting investment opportunities that will allow us to accelerate our growth."

Published by Globes, Israel business news - en.globes.co.il - on November 1, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Gilat Communications  / Photo: Tamar Matsafi, Globes
Gilat Communications / Photo: Tamar Matsafi, Globes
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