012.Smile shell company renamed as B Communications

17 Mar 2010

Shareholders in 012.Smile Communication, a subsidiary of Israeli businessman Shaul Elovitch’s Eurocom Group, have reportedly voted to change the company’s name to B Communications Ltd (BCOM) at an extraordinary meeting. Following approval by the Israeli Registrar of Companies the new name is now official, and shares in the company will begin trading under the new name from 17 March 2010. In addition it has been revealed that shareholders also gave the go-ahead for amendments to BCOM’s Articles of Association to be made to comply with the regulatory framework that it must fall in line with as part of its acquisition of the controlling stake in Israeli fixed line incumbent Bezeq. At the same meeting the shareholders also gave the green light for a proposed private offering of up to ILS400 million (USD107.35 million) of the company’s ordinary shares, in which BCOM’s parent company Internet Gold is expected to participate.

Separately, Globes Online is reporting that at a general shareholders meeting scheduled for today BCOM’s shareholders will be asked to approve the Bezeq acquisition. Under the terms for gaining regulatory approval for the Bezeq deal, Elovitch sold BCOM’s telecoms assets to Ampal-American Israel Corp for ILS1.2 billion (USD318 million), according to TeleGeography’s GlobalComms Database. Ampal subsequently set up a new subsidiary, 01 Smile Telecom Ltd, to oversee the business.

In related news it is also being reported that employee demands could hold up the conclusion of the Bezeq sales. It is understood that Bezeq staff are demanding that their rights are guaranteed under the existing collective labour contract, threatening that failure to do so may spur staff unrest at a later date.

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