8th Aug 2018 12:33
LONDON (Alliance News) - BATM Advanced Communications Ltd said Wednesday it has agreed to sell its stake in a fibre-optic consortium building a network in Israel to Cellcom Israel Ltd.
Cellcom has entered a memorandum of understanding with members of the consortium to acquire the consortium's stake in the Israel Electric Corp, the company said.
The consortium was established in 2013 for the construction of a new fibre optic network in Israel alongside Israel Electric.
BATM will receive USD3.2 million for its 7.5% stake.
BATM shares were trading up 1.4% at 41.57 pence each on Wednesday.
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