CEL - CEL STOCK NEWS

Cellcom Israel Ltd. (NYSE: CEL) announced that its cellular sharing network partner, Marathon 018 Xfone Ltd., failed to make the required payment due on October 31, 2020, under their sharing network agreement. The company has demanded immediate payment and will take measures to enforce its rights. Currently, Cellcom cannot assess the impact of this situation on its financial results. The network sharing agreements are significant to the company's revenue, as detailed in its 2019 annual report.

Cellcom Israel Ltd. (NYSE: CEL) will release its financial results for Q3 2020 on November 23, 2020. A conference call will take place at 9:00 am Eastern Time to discuss the results, with management available for questions. Interested participants can join via various dial-in numbers, including US: 1-888-642-5032 and International: +972-3-918-0609. The call will be broadcast live on the company's investor relations website, where a replay will also be available afterward.

On October 15, 2020, Cellcom Israel Ltd. (NYSE: CEL) reported that the Ministry of Communications has approved the appointment of receivers for shares of its indirect controlling shareholder, Discount Investment Corporation Ltd. (DIC). These shares represent approximately 70% of DIC's capital. Additionally, a court has approved the appointment of permanent receivers and a temporary receiver for another 12% of DIC's shares. The receivers will also publish an invitation for offers to purchase the pledged shares. The company will continue to update on material developments.

Cellcom Israel Ltd. (NYSE: CEL) announced the appointment of Ilan Sigal as VP of business development and CEO of Golan Telecom, effective February 1, 2021. Sigal brings extensive experience, having previously served as VP marketing at Pelephone and held key marketing roles at Bezeq International. As of June 30, 2020, Cellcom had approximately 2.734 million cellular subscribers, providing a variety of services including cellular telephony, internet connectivity, and OTT TV services. This leadership change aims to strengthen the company's strategic direction and business growth.

Cellcom Israel Ltd. (NYSE: CEL) announced court actions regarding its indirect controlling shareholder, Discount Investment Corporation Ltd. (DIC). Debenture holders of IDB Development Corporation Ltd. filed motions for the appointment of a receiver for DIC's pledged shares to enforce debt repayment. The court appointed temporary receivers for these shares, and further actions await Ministry of Communications’ approval. Additionally, an order for IDB's liquidation has been granted. Cellcom Israel, a leading communications provider, serves approximately 2.734 million cellular subscribers as of June 30, 2020.

Cellcom Israel Ltd. (NYSE: CEL) announced that its controlling shareholder, Discount Investment Corporation Ltd. (DIC), faces immediate repayment demands from debenture holders of IDB Development Corporation Ltd. DIC is pledging its shares to IDB debenture holders and seeking court intervention to enforce these pledges. This situation arises under the Israeli Bankruptcy and Economic Rehabilitation Law, 2018. Potential impacts on Cellcom may involve challenges in capital access and operational continuity depending on the outcomes of the ongoing legal motions.

Cellcom Israel Ltd. (NYSE: CEL) announced an investment transaction with Hot Telecommunication Systems Ltd. to enhance IBC Israel Broadband's fiber-optic network. Under the agreement, Hot will become an equal partner in the IBC Partnership, indirectly holding 23.3% of IBC's share capital. This partnership aims for substantial network deployment over the coming years. The completion is subject to regulatory approvals. Additionally, IBC will continue purchasing services from Cellcom. These developments highlight Cellcom's strategic positioning within the telecommunications market.

Cellcom Israel Ltd. (NYSE: CEL) has appointed Shai Amsalem as CFO, effective September 13, 2020, along with Eran Shenar and Diana Elsztein-Dan as Board members from September 14, 2020. Amsalem previously served as CFO at Golan Telecom and has an extensive background in finance. Shenar, nominated by employees, brings experience as a business consultant. Elsztain-Dan has held several directorships and is linked to the company’s controlling shareholder. These leadership changes may provide new strategic directions for Cellcom, affecting its operational and financial outlook.

Cellcom Israel Ltd. (NYSE: CEL) has successfully completed the acquisition of Golan Telecom's entire share capital for approximately NIS 545 million, subject to adjustments based on Golan's cash position and debts. This transaction follows the approval from the Israeli Competition Authority and the Ministry of Communications. Golan's license has been converted to an MVNO for an interim phase, pending a financial dispute regarding benefits received from the Ministry. This acquisition could enhance Cellcom's market position and service offerings in Israel.