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Partner Communications Company Ltd. (NASDAQ: PTNR) announced plans to voluntarily delist its American Depositary Shares (ADSs) from the NASDAQ Global Select Market, focusing share trading solely on the Tel Aviv Stock Exchange (TASE). This decision stems from a desire to streamline operations, with the majority of trading occurring on TASE and most operations being in Israel. The company plans to file a Form 25 with the SEC on February 6, 2023, with the last NASDAQ trading day expected by February 15. The company also intends to terminate its U.S. reporting requirements following this transition, with no immediate actions required from ADS investors.
On January 17, 2023, Partner Communications Company Ltd. (NASDAQ: PTNR) announced that it received a favorable response from the Ministry of Communications regarding its agreement with Bezeq for the purchase of an indefeasible and irrevocable right of use (IRU) of fiber optic infrastructure lines. The Ministry confirmed it is satisfied the agreement poses no significant harm to competition. Additionally, Bezeq plans to reduce the price of its single mode fiber optic lines to NIS 72 (excluding VAT). This development could positively influence Partner's operational costs and competitive positioning in the telecommunications market.
Partner Communications Company Ltd. (NASDAQ: PTNR), a leading Israeli communications operator, announced on December 27, 2022, that it received a letter from the Ministry of Communications regarding its agreement with Bezeq for an indefeasible right of use (IRU) of fiber optic infrastructure. The letter indicates preliminary competitive concerns about the agreement, prompting a request for Bezeq's position. The outcomes of discussions between the Ministry and Bezeq could potentially impact the existing agreement's implementation.
Partner Communications Company Ltd. (NASDAQ: PTNR) announced an agreement with Bezeq for a 15-year right of use for 120,000 fiber optic lines. The deal, executed on December 21, 2022, totals approximately NIS 574 million plus VAT, paid in five equal installments starting January 1, 2023. Annual maintenance fees will be 4% of the total consideration. An option for an additional 48,000 lines and two 5-year extensions is included. The agreement also features price protection and upgrade mechanisms for the fiber lines.
Partner Communications Company Ltd. (NASDAQ: PTNR) announced that the Israeli Ministry of Communications published 5G tender documents for frequencies in the 26 GHz Band on December 7, 2022. The tender includes 25 pricing bands with 100 MHz each, totaling 2,500 MHz, available for 10 years. Only existing MRT operators can participate, with a maximum of 12 pricing bands (1,200 MHz) allowed per operator or joint bidders. Partner is reviewing the documents but cannot determine the financial implications at this time.
Partner Communications Company Ltd. (PTNR) announced its Q3 2022 results, reporting total revenues of NIS 891 million, a 6% increase year-over-year. Adjusted EBITDA rose by 10% to NIS 276 million, while profit surged 113% to NIS 51 million. Cellular subscriber base increased to approximately 3.04 million, though a net decrease of 53,000 was noted, mainly due to the expiry of temporary Ministry of Education packages. Fiber-optic subscribers grew to 268,000, reflecting continued growth in fixed-line services. Net debt stood at NIS 667 million, with free cash flow of NIS 38 million.
Partner Communications Company Ltd. (NASDAQ and TASE: PTNR) announced the release of its financial results for Q3 2022, set for November 23, 2022. A conference call will take place on the same day at 10:00 AM ET to discuss the results. Investors can join by dialing specified numbers or through a live webcast on the company's Investor Relations website. A replay of the call will be available from November 23 to December 7, 2022. Partner Communications is a leading provider of telecommunications services in Israel.
Partner Communications Company Ltd. (NASDAQ: PTNR) held its Extraordinary Meeting of Shareholders (EGM) in Rosh Ha'ayin, Israel, on October 20, 2022. Key resolutions passed include:
- Amendment of the Compensation Policy for Office Holders.
- Approval of compensation terms for Mr. Shlomo Rodav as Chairman of the Board.
- Amendment of Articles of Association to cancel rights and restrictions of Founding Israeli Shareholders.
All resolutions received the necessary majority approval, as detailed in the Proxy Statement.
Partner Communications Company Ltd. (NASDAQ: PTNR) announced significant management changes, appointing Ms. Dganit Kramer as Deputy CEO and Ms. Miri Takutiel as Chief Financial Officer, effective dates TBD. Ms. Takutiel replaces Mr. Tamir Amar, concluding his term on September 4, 2022. Additionally, Mr. Yevgeny Dolkart is appointed Vice President of Human Resources and Operations, replacing Ms. Addie Koren, who resigned. These changes come as the company continues to navigate the competitive telecommunications landscape in Israel.
On August 17, 2022, Partner Communications Company Ltd. (NASDAQ: PTNR) disclosed receiving a lawsuit from Lapidot Capital Ltd., which holds over 2 million shares. The lawsuit, filed in the Central District Court in Lod, claims changes to the Company’s MRT license invalidate the registration of Lapidot's shares under its name. The Plaintiff seeks a court order for share registration under Mizrahi Tfahot Nominee Company Ltd. and compensation equivalent to the shares' value at the lawsuit's filing date, plus interest.
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