NETANYA, Israel, Nov. 16, 2020 /PRNewswire/ -- Cellcom Israel Ltd.
(NYSE: CEL) (TASE: CEL) (hereinafter: the "Company") announced
today that its cellular sharing network partner, Marathon 018 Xfone
Ltd., or Xfone, has not paid the monthly payment due October 31, 2020, under the sharing network
agreement, or Debt.
The Company issued a demand for the immediate payment of the
Debt to Xfone and intends to act diligently to exercise its rights
under the agreement.
At this preliminary stage, the Company cannot assess the
implications on the Company's results.
For additional details regarding the materiality of the network
sharing agreement on the Company's results, see the Company's 2019
annual report on Form 20-F, dated March 23,
2020, under "Item 3. Risk Factors - Our network sharing
agreements consideration constitute a significant portion of our
revenues" and Item 4. Information on the Company – B. Business
Overview – Networks and Infrastructure – Network sharing
agreements".
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 cellular subscribers with a broad range of services
including cellular telephony, roaming services, text and multimedia
messaging, advanced cellular and data services and other
value-added services in the areas of mobile office, data
protection etc., based on Cellcom Israel's technologically advanced
infrastructure. The Company operates advanced networks enabling
high-speed broadband and advanced multimedia services. Cellcom
Israel offers nationwide customer service including telephone
customer service, retail stores, and service and sale centers.
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: +972-52-998-4774
|
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.