According to Dankner Investment (TASE: DKNR ) announcement to the Tel Aviv Stock Exchange, Matav Cable Systems Media (Nasdaq: MATV) expects most of the considerationfor the sale fo 7.7% of Partner Communications (Nasdaq: PTNR) to a Hutchison-Whampoa subsidiary -- $62.4 to $67.6 million ¿ to be booked as capital gains.
The tax Matav will pay on gains on the sale depends on the company¿s tax structure. For instance, 36% tax on the gains would amount to NIS 100-110 million. This calculation assumes a NIS 4.7 conversion rate and the value of the Partner stake on Matav¿s balance sheet of NIS 12.8 million.
The sale would solve Partner's problems with the Supervisor of Banks, who has demanded the company repay $96 million loans from Bank Hapoalim, where the Dankner family also holds part of the controlling stake.