Gilat Climbs to Two-Month High on Extending Colombia Contracts

Gilat Satellite Networks Ltd. rose to the highest in more than two months after the Israeli developer of satellite-networking technology extended contracts with Colombia’s Ministry of Information Technology and Communications.

The shares increased 5.6 percent to 20.29 shekels, the highest since Oct. 21, giving the Petah Tikva-Israel based company a market value of 826 million shekels ($232 million) as of 1:24 p.m. local time.

The amended contracts to provide telephone and data services have a value of $21 million and were extended for an additional year through the end of 2011, the company said in a statement.

To contact the reporter on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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