Change of Ownership

RNS Number:8655T
Gilat Satcom Limited
28 March 2007


                                Gilat Satcom Ltd

                           ("Gilat" or "the Company")

                              Change of Ownership

Gilat Satcom Ltd. (the "Company"), hereby announces that Worldgroup Holdings
Ltd. ("Worldgroup") has entered into an agreement pursuant to which it has
agreed to sell all of its shareholding in Satcom Systems Ltd. ("Satcom"),
amounting to 53.6% of the issued share capital of Satcom (the "Shares"), to
Ronen Kantor Trustees Ltd., which acts as trustee for a company which is a part
of the Eurocom Group of companies ("Eurocom"). Eurocom is controlled by Mr.
Shaul Elovitch. As at the date of this announcement, Satcom Systems holds 79.2%
of the issued share capital of the Company.

The Shares will be acquired for an aggregate purchase price of NIS 35 million
(approximately GBP 4.26 million).

Completion of this transaction is subject to receipt of the approval of the
Israeli Minister of Communications and the Israeli Antitrust Autority.

In addition, Eurocom has acquired an option (the "Option") to purchase
additional shares of Satcom Systems (the "Option Shares"), amounting to 7.97% of
the issued share capital of Satcom System, in consideration for NIS 6 million
(approximately GBP 730,000). The Option Shares are held by Man Capital
Investments Ltd., a company under the control of Mr. Marc Zalcman. The Option is
exercisable until the earlier of: (a) 30 November 2007, or (b) 7 days following
receipt of a notice from Man Capital Investments Ltd. of its intention to sell
the Option Shares, provided that at the date of such notice, the price of Satcom
Systems' shares on the Tel Aviv Stock Exchange is not less than NIS 3.41 per
share. The Option Shares are mortgaged in favour of Worldgroup, Worldgroup has
therefore given its consent to the terms of the Option.




                      This information is provided by RNS
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