Cellcom Israel approves control transfer

Cellcom Israel Ltd. (NYSE: CEL) reported the Israeli Ministry of Communications approved its transfer of control in IDB Development Corporation Ltd., the company said.

In addition the Israeli Ministry of Communications amended the company´s cellular license so as to: (1) reduce the percentage that Israeli citizens and residents from among the company´s founding shareholders must hold to at least 5% of the company´s outstanding shares and other means of control and an extension period (subject to certain requirements and ending July 2017) in order for the company´s controlling shareholder to comply with the updated provision; and (2) reduce the percentage of directors that must be appointed by Israeli citizens and residents among the company´s founding shareholders to 10%.

Cellcom Israel, established in 1994, is an Israeli cellular provider. It provides approximately 2.822m cellular subscribers 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.