Controlling owners of Bee Contact Communications Ltd. (TASE:BCNT.WC), which was formerly a cellular Internet and content company, has found a buyer for its shares. 101 International Economic Counseling, held by Anne and Dov Zelinger and Eli Gur, will pay Eran Pepper, Yitzhak Yisrael and Adi Maaravi NIS 2.5 million for their 48.5% controlling stake in Bee Contact.
Bee Contact has been traded on the Tel Aviv Stock Exchange since June 2006 when it raised NIS 13.5 million in stocks and bonds at a market cap of NIS 36 million. The company's activities focused on marketing cellular content for Internet sites, and its holdings include the Internet sites Lila, business networking for women, and social networking site Mekusharim.
It is believed that the money was spent on generous salaries and conditions for senior managers. CEO Eran Pepper, who is also a controlling shareholder, has earned a monthly salary of NIS 40,000 for the past three years, while his perks include a jeep leased for NIS 50,000 a month.
The company's share rose 5.59% today to NIS 0.17.
Published by Globes [online], Israel business news - www.globes-online.com - on September 16, 2009
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