August 10, 2009 / 8:33 AM / 10 years ago

Tel Aviv bourse suspends trade in Bezeq Telecom

JERUSALEM, Aug 10, (Reuters) - The Tel Aviv Stock Exchange said on Monday it had suspended trade in the shares of Bezeq Israel Telecom (BEZQ.TA), pending a statement from the country’s largest phone company on the planned sale of some of its shares.

Israel’s Globes financial newspaper reported on its website that 155 million Bezeq shares owned by Israeli businessman Gad Zeevi would be put on sale by Swiss bank UBS UBSN.VX (UBS.N) for 7.43 shekels a share.

“Trade in the company’s (Bezeq) shares will resume after it releases a statement,” the bourse said in a statement.

The deal is being supervised by a lawyer overseeing the dismantling of Zeevi’s assets, which include a 17 percent stake in Bezeq, Globes said. Zeevi faces charges over irregularities in the purchase of his stake in Bezeq for some $600 million, Globes said.

A Justice Ministry spokesman confirmed that a court on Monday approved the sale of Zeevi’s stake. (Reporting by Joseph Nasr, Editing by Rupert Winchester)

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