NETANYA, Israel, Sept. 23, 2020 /PRNewswire/ -- Cellcom Israel
Ltd. (NYSE: CEL) (the "Company") announced today that its indirect
controlling shareholder, Discount Investment Corporation Ltd., or
DIC, announced that the debenture holders of certain debentures
series of IDB Development Corporation Ltd., or IDB, a company
controlled by the Company's controlling shareholder, resolved to
call for the immediate repayment of the full outstanding balance of
certain of IDB's debentures, to enforce the pledges provided in
favor of IDB debenture holders, including the pledge on DIC's
shares and filed motions to the court for the appointment of a
receiver to that end. Additional motion was filed to the court by
holders of another series of IDB debentures to take certain
receivership actions against IDB. All motions are based on the
Israeli Bankruptcy and Economic Rehabilitation Law, 2018.
For details regarding the pledge of DIC's share capital as
collateral to IDB and its debenture holders ,see the Company's
annual report on Form 20-F dated March 23,
2020, or 2019 Annual Report, under "Item 7 – Major
Shareholders and Related Party Transactions Major Shareholders – A.
Major Shareholders".
For details regarding the Ministry of Communications prior
approval regarding the transfer of over 10% of the Company's means
of control or the transfer of control over the Company, directly or
indirectly (including by way of creating a pledge which if
foreclosed, will result in the transfer of shares), see the
Company's 2019 Annual Report under "Item 4 - Information on the
Company – B. Business Overview – Government Regulations Cellular
Segment".
The Company shall continue to report material developments, as
and to the extent such developments occur.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is a leading Israeli
communications group, providing a wide range of communications
services. Cellcom Israel is the largest Israeli cellular provider,
providing its approximately 2.734 million cellular subscribers (as
at June 30, 2020) with a broad range
of services including cellular telephony, roaming services for
tourists in Israel and for its
subscribers abroad, text and multimedia messaging, advanced
cellular content and data services and other value-added services
in the areas of music, video, mobile office etc., based on Cellcom
Israel's technologically advanced infrastructure. The Company
operates an LTE 4 generation network and an HSPA 3.5 Generation
network enabling advanced high speed broadband multimedia services,
in addition to GSM/GPRS/EDGE networks. Cellcom Israel offers
Israel's broadest and largest
customer service infrastructure including telephone customer
service centers, retail stores, and service and sale centers,
distributed nationwide. Cellcom Israel further provides OTT TV
services, internet infrastructure and connectivity services and
international calling services, as well as landline telephone
services in Israel. Cellcom
Israel's shares are traded both on the New York Stock Exchange
(CEL) and the Tel Aviv Stock Exchange (CEL).
For additional information please visit the Company's website
http://investors.cellcom.co.il.
Company
Contact
Shai Amsalem
Chief Financial Officer
investors@cellcom.co.il
Tel: +972-52-998-9735
|
Investor Relations
Contact
Elad Levy
Investor Relations Manager
investors@cellcom.co.il
Tel: +972-52-998-4774
|
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SOURCE Cellcom Israel Ltd.