The Israeli publishing group Ma'ariv remains a key shareholder of Matav Cable Systems (Nasdaq:MATV)
, but yesterday relinquished its power to exercise its rights pertaining to the Israeli cable television provider.
Ma'ariv holds a 15% stake in Matav through a subsidiary, Ma'ariv Modiin Publishing House.
In an announcement to the Tel Aviv Stock Exchange on Tuesday, Dankner Investment (TASE:DKNR) said that Ma'ariv yesterday signed an amendment to the founders' agreement between Matav's shareholders, dating from October 18, 1993.
The amendment releases Ma'ariv from complying with the founders' agreement.
In practice, Ma'ariv has relinquished participation in decision-making processes at the shareholders assembly.
It also waived its right to elect a director to the board, and to have the right of first refusal when Matav shares are sold.
The Dankner Investment announcement also said that the parties agreed to grant two minority shareholders the right to appoint directors.