Israel undertook to inject NIS 150 million as a two-installment grant

Shareholders in the Unlimited fiber-optic venture (formerly IBC) are waiting for an additional NIS 75 million from the Ministry of Finance. The state undertook to inject NIS 150 million into the venture as a two-installment grant for the purpose of aiding in the initial deployment stage. The state already injected NIS 75 million in the set-up stage, and the second stage, which the state is due to hand over the second amount, together with a similar amount from the shareholders, is now at hand.

The shareholders in the venture are Israel Electric Corporation (IEC) (TASE: ELEC.B22) (40%) and Via Europe (30%), with BATM Advanced Communications Ltd. (LSE: BVC; TASE: BATM), Rapac Communication and Infrastructure Ltd. (TASE: RPAC), the Zisapel brothers, and Tamares Telecom holding the remaining 30%.The Ministry of Finance plans to check how the venture is progressing, and whether the pace of work is satisfactory, before handing over its share. It should be kept in mind, however, that the state undertook to provide the money in advance, and the chances that it will be withheld are therefore very small…


Israël Science Info