Spacecom wins $28m African contract

The company won a five-year contract to supply satellite communications services from its Amos 5 satellite.

Spacecom Satellite Communications Ltd. (TASE:SCC) has won a $27.6 million five-year contract to supply satellite communications services from its Amos 5 satellite. The company did not disclose with whom it signed the contract.

The Amos 5 satellite is scheduled for launch for December, after several delays due to breakdowns. Spacecom, controlled by Shaul Elovitch's Eurocom Group, has several contracts in Africa, the latest is a ten-year $65 million contract.

Spacecom's share price rose 5.2% by mid-afternoon to NIS 57.95, giving a market cap of NIS 1.13 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on October 25, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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