(Bloomberg) -- Bezeq Ltd., Israel's biggest telecommunications operator, said it will post a capital gain of 136 million shekels ($31 million) from the sale of its holdings in Intelsat Ltd. and New Skies Satellites NV.

Bezeq will get $23 million for selling its 0.7 percent holding in Intelsat, the state-owned, Jerusalem-based company said in an e-mailed statement yesterday. Shareholders of Intelsat, a satellite operator, approved its acquisition by Bermuda buyout company Zeus Holdings Ltd. for about $3 billion on October 20.

Bezeq will receive another $8.4 million from selling its 0.8 percent stake in New Skies Satellites, which was sold this week to Blackstone Group, a US investment bank, Bezeq said.

Amnon Dick, chief executive officer, said the sales were in line with company policy to focus on its main business of providing domestic telephone service.

The government is selling a 30 percent stake in Bezeq to give the company greater freedom to cut costs and prepare for competition as the government opens the fixed-line phone market to other companies.