PR Newswire | Oct 15, 2020 11:31AM EDT

10/15 10:30 CDT

Cellcom Israel Ltd. Announces Developments re. Controlling Shareholder NETANYA, Israel, Oct. 15, 2020

NETANYA, Israel, Oct. 15, 2020 /PRNewswire/ -- Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today that following its previous announcements regarding receivership actions taken in relation to its indirect controlling shareholder, Discount Investment Corporation Ltd., or DIC's shares, pledged in favor of the debenture holders of IDB Development Corporation Ltd., or IDB, the Ministry of Communications granted its approval to the previously reported appointment of receivers to the pledged DIC shares representing approximately 70% of DIC's share capital. In addition, the court approved their appointment as permanent receivers and the appointment of temporary receiver to additional pledged DIC shares representing approximately 12% of DIC's share capital. The court further approved the publication by the receivers of an invitation to make offers for the purchase of the pledged DIC shares.

For additional details see the Company's current reports on Form 6-K dated September 23 and 27, 2020.

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 ContactShai AmsalemChief Financial Officer investors@cellcom.co.ilTel: +972-52-998-9735

Investor Relations ContactElad LevyInvestor Relations Manager investors@cellcom.co.ilTel: +972-52-998-4774

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SOURCE Cellcom Israel Ltd.