Israeli gov't signs $63m agreement with Spacecom

Shaul Elovitch

The state has an option to extend the five-year agreement for using Spacecom's Amos satellites for a further eight years.

The State of Israel has signed an agreement with Spacecom Satellite Communications Ltd. (TASE:SCC) for the purchase of communications services on the company's Amos satellites for five years. The contract is worth $63 million. The state purchased an option to extend the contract for a further eight-year period, If the option is exercised, the contract will be worth a total of $164 million to Spacecom.

The share price of Spacecom, controlled by Shaul Elovitch, has risen 17% so far this year. In the first quarter of the year, the company posted a loss of NIS 35.5 million on revenue of NIS 62.8 million. It has a market cap of NIS 704.8 million and shareholders' equity of NIS 556.6 million.

Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Shaul Elovitch
Shaul Elovitch
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