Israel’s BCom considers private offering of eight million shares

TEL AVIV (Reuters) – B Communications <BCOM.O> said on Sunday it is considering an offering of up to 8 million of its ordinary shares in a private auction in Israel to certain Israeli accredited and institutional investors.

BCom <BCOM.TA>, the parent company of Bezeq Israel Telecom <BEZQ.TA>, said it may also undertake a private placement of its ordinary shares to a limited number of U.S. investors.

BCom’s shares were down 2 percent at 19.77 shekels ($5.36) in morning trade in Tel Aviv

The execution, timing, terms and amount of such an offering have not yet been determined and there is no assurance an offering will be held, the company said.

Internet Gold <IGLD.TA> <IGLD.O>, which owns 64.78 percent of BCom, has been searching for a buyer for its BCom stake since mid-2018 under heavy pressure from bondholders. BCom has a single asset – a 26.34 percent controlling stake in Bezeq.

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