B Communications Ltd. (Nasdaq and TASE: BCOM) (“B
Communications”) announced today that on October 26, 2015 it
received a semi-annual dividend payment from its controlled subsidiary
Bezeq - The Israel Telecommunication Corp. Ltd. ("Bezeq") in
the amount of NIS 286 million (approximately US$ 74 million).
As a result of the dividend payment, B Communications’ liquid position
reached approximately NIS 1.2 billion (approximately US$ 310 million). B
Communications’ liquid position takes into account the NIS 22 million
(approximately US$ 6 million) dividend paid by the Company to its
shareholders, a NIS 26 million (approximately US$ 7 million) repayment
of tax liabilities, and the re-purchase of US$ 6.9 million par value of
B Communications’ Senior Secured Notes, since the beginning of the third
quarter.
Doron Turgeman, B Communications’ CEO stated: “As we promised, we
are acting intensively on two levels simultaneously – the reduction of
NIS 200 million (approximately US$ 52 million) of our net debt while
creating value for our shareholders by distributing dividends of NIS 89
million (US$ 23 million) since the beginning of 2015. In addition, the
value of our Bezeq shares as of today is approximately NIS 6.9 billion
(US$ 1.8 billion), which yields a NAV of approximately NIS 4.5 billion
(US$ 1.2 billion) to our Company, which amount is much higher than our
current market cap. We intend to continue to create value for our
shareholders in the future.”
About B Communications Ltd.
B Communications is a holding company with a controlling interest in
Israel’s largest telecommunications provider, Bezeq, The Israel
Telecommunication Corp. (TASE: BEZQ). B Communications shares are traded
on NASDAQ and the TASE under the symbol “BCOM.” For more information
please visit the following Internet sites:
www.bcommunications.co.il
www.ir.bezeq.co.il
www.eurocom.co.il
www.igld.com
Forward-Looking Statements
This press release contains forward-looking statements that are subject
to risks and uncertainties. Factors that could cause actual results to
differ materially from these forward-looking statements include, but are
not limited to, general business conditions in the industry, changes in
the regulatory and legal compliance environments, the failure to manage
growth and other risks detailed from time to time in B Communications'
filings with the Securities Exchange Commission. These documents contain
and identify other important factors that could cause actual results to
differ materially from those contained in our projections or
forward-looking statements. Stockholders and other readers are cautioned
not to place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. We undertake no
obligation to update publicly or revise any forward-looking statement.
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