Hot Drops After Report of Partner’s Low-Cost Wireless Offering

Hot Telecommunication System Ltd. (HOT), which started offering wireless services in May, fell to the lowest in almost three weeks after Calcalist reported Partner Communications Co. plans to set up a low-cost wireless brand.

Shares of Yakum, Israel-based Hot, which also provides Internet, fixed-line and cable-television services, retreated 3.8 percent to 34.19 shekels, the lowest intraday level since May 31, at 10:28 a.m. in Tel Aviv. The TA-25 Index decreased 0.4 percent.

Partner would offer the services through a unit under the brand Mobile 012, Calcalist reported late yesterday. An official at Partner, who asked that her name not be used, confirmed the report by phone today, without providing further details. Partner declined 1.3 percent to 17.37 shekels.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

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

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