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Hot Heads for Highest Close in Three Weeks on Share Buyback Plan

June 3 (Bloomberg) -- Hot Telecommunication System Ltd. headed for the highest close in almost three weeks after the board approved a plan to buy back as much as 184 million shekels ($47 million) of stock last week.

Shares of Israel’s second-largest fixed-line operator advanced 2.2 percent to 35.53 shekels, poised for the highest level since May 14, at 12.46 p.m. in Tel Aviv. The stock has rallied 9.1 percent in the past two trading days. The benchmark TA-25 index declined 2.2 percent.

Hot, which started offering mobile-phone services last month, said on May 31 the company plans to acquire about 3.2 million shares at 38 shekels each.

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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