March 24, 2019 / 7:53 AM / 3 months ago

Bezeq weighs share issue to raise up to 500 mln shekels -report

JERUSALEM, March 24 (Reuters) - Bezeq Israel Telecom is considering issuing shares to raise up to 500 million shekels ($138 million) to compensate for a major write-off expected in its 2018 financial report, a leading Israeli financial news website said on Sunday.

Bezeq, Israel’s largest telecom group, said last week it expected to write off 1.5 billion shekels in its 2018 results due to the impairment of assets in its TV and other subsidiaries, sending its shares plummeting to a 21-year low.

Financial news outlet Calcalist said Bezeq is now weighing issuing the shares to help ease the blow, though it did not attribute the report.

A spokesman for Bezeq declined to comment on the report.

Bezeq plans to publish fourth-quarter and 2018 results this week. ($1 = 3.6177 shekels) (Reporting by Ari Rabinovitch; Editing by Tova Cohen)

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