Cellcom Israel Ltd. (NYSE: CEL) (the "Company") reported today that Discount Investment Corporation Ltd., or DIC, its indirect controlling shareholder, announced that it is examining the possibility of formulating an outline of a proposal for a creditors arrangement in Eurocom Communications Ltd. and/or companies in the Eurocom group. DIC clarified it has not yet formulated final principles for such a proposal and that there is no assurance that such a proposal will be made, among others, due to various factors, some of which are not under DIC's control. DIC further clarified that if such proposal is made, approved and implemented, it may, under certain conditions, have implications on DIC's holdings in the Company.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the largest Israeli cellular provider; Cellcom Israel provides its approximately 2.805 million cellular subscribers (as at September 30, 2017) with a broad range of value-added services including cellular telephony, roaming services for tourists in Israel and for its subscribers abroad and additional 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. Through its broad customer service network Cellcom Israel offers technical support, account information, direct-to-the-door parcel delivery services, Internet and fax services, dedicated centers for hearing impaired, etc. Cellcom Israel further provides OTT TV services, Internet infrastructure and connectivity services and international calling services, as well as landline telephone communications services in Israel, in addition to data communications services. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL).
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