The satellite communications provider is expanding its footprint in Africa.
Eurocom Group subsidiary Satcom Systems Ltd. (TASE: STCM) is expanding its footprint in Africa. Subsidiary IP Planet Networks Ltd. has signed two contracts to lease satellite receiving services from satellites owned by Intelsat Global Sales and Marketing Ltd. and its subsidiary New Dawn Satellite Company Ltd. The contracts are worth $35.8 million altogether.
The Intelsat contract will use the company's current satellite, while the contract with New Dawn is contingent upon the successful launch of its new satellite. The lease is for a maximum of 9-9.5 years, depending on the satellite launch.
Satcom CEO Roy Hess said, "We decided to sign the satellite leases with Intelsat because of our assessment of growth in the African communications market in the coming years. Communications services in many African countries are growing rapidly and we're now preparing the satellite capacity to enable us to continue to expand activity in our main markets while maintaining a high level of service."
Published by Globes [online], Israel business news - www.globes-online.com - on September 18, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008