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PETAH TIKVA, Israel - Gilat Satellite Networks Ltd (NASDAQ:GILT, TASE:GILT), a $450 million market capitalization company whose share price has risen nearly 75% in the past year, announced on Tuesday that its Peruvian subsidiary has received orders worth about $60 million from Peru's national telecommunications program Pronatel. According to data from InvestingPro, the company is showing strong momentum, trading near its 52-week high of $8.17.
The contracts are for the expansion of regional broadband infrastructure in the regions of Apurímac, Huancavelica and Ayacucho. According to the company's press release, the project will provide almost 800 public institutions, including schools, health centers and police stations in 280 towns, with high-speed internet at 200 Mbit/s.
The migration is scheduled to take place over the next 12 months and the services will be provided over a period of four years.
Arieh Rohrstock, Corporate Senior Vice President and President of Gilat Peru, said: "Thanks to our extensive experience in implementing complex connectivity projects throughout Peru, we are well qualified to carry out this critical migration in record time."
The aim of the infrastructure modernization is to improve digital access in rural communities by providing connectivity for education, healthcare and public services.
Gilat Satellite Networks, headquartered in Israel, provides satellite-based broadband communications in the commercial and military markets. The company has been in business for over 35 years, according to the announcement.
The project represents a continuation of the existing relationship between Gilat and the Peruvian government in the development of telecommunications infrastructure in remote areas of the country.
Gilat Satellite Networks Ltd. recently announced several important developments. The company secured a $40 million contract for its SkyEdge IV platform, which is scheduled for delivery over the next 24 months. This platform is designed to drive the transformation of the satellite ground network and is aligned with future 5G NTN standards. In addition, Gilat's Commercial Division received a 27 million dollar order for its ESA terminal technology. Most deliveries are expected next year. The company also received orders worth over 22 million dollars from satellite operators worldwide, underlining its role in the in-flight connectivity market. In addition, Gilat DataPath, a subsidiary of Gilat, was awarded a support contract with the US Army worth over 7 million dollars. Potential extensions bring the total to 70 million dollars. These developments underscore Gilat's growing influence and capabilities in satellite network technology.
