Tel Aviv-traded Dankner Investment (TASE: DKNR ) has a NIS 13.8 million on-paper loss due to the eroded value of its subsidiary Matav Cable Systems Media (Nasdaq: MATV).

Dankner acquired in the first nine months of 2001 about 457,800 Matav shares at NIS 60.28 per share on average, 50% higher than the current price, NIS 30.36. The company, which is controlled by the Dankner family, is planning to this week raise some NIS 100 million in convertible bonds.

Dankner ended the first nine months of 2001 with NIS 543.6 million revenue and NIS 142.5 million net loss. Dankner invests in communications in Israel and overseas, real estate, infrastructure and advanced technology.