NETANYA, Israel, Jan. 6, 2014 /PRNewswire/ -- Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (hereinafter: the "Company"), announced today that, following its previous report in relation to the Israeli court's approval of a creditors' arrangement for IDB Holding Corporation Ltd., or IDBH, the court's decision has come into force and the condition precedent regarding certain disclosure matters about the Elzstain - Extra group has been met. As a result of the creditors' arrangement (if implemented), IDB Development Corporation Ltd., or IDBD (currently a wholly owned subsidiary of IDBH), will be controlled by the Elzstain - Extra group, led by Mr. Eduardo Elzstain and Mr. Mordechai Ben Moshe (subject to requisite approvals under applicable law).
The court's ruling includes provisions for the interim period until the closing of the creditors' arrangement, including: a) the appointment of trustees in IDBH to carry out the execution of the creditors' arrangement and b) the termination of office of the directors currently serving on IDBH board of directors, and of the directors serving on IDBD's board of directors on behalf of IDBH.
For additional details see the Company's most recent annual report on form 20-F for the year ended on December 31, 2012, filed on March 4, 2013 under "Item 3. Key Information – D. Risk Factors – Risks related to our business – We are a member of the IDB group of companies, one of Israel's largest and highly regulated business groups. This may limit our ability to expand our business, to acquire other businesses or raise debt." and "Item 7. Major Shareholders and Related Party Transactions – A. Major Shareholders." and our immediate report on Form 6-K dated December 18, 2013.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the leading Israeli cellular provider; Cellcom Israel provides its approximately 3.156 million subscribers (as at September 30, 2013) with a broad range of value added services including cellular and landline 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 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 its customers technical support, account information, direct to the door parcel delivery services, internet and fax services, dedicated centers for the hearing impaired, etc. In August 2011, Cellcom Israel completed the acquisition of Netvision Ltd. 013 Netvision Ltd., its wholly owned subsidiary, is a leading Israeli provider of internet connectivity services and international calling services. Cellcom Israel, through its wholly owned subsidiaries also provides landline telephone communication services in Israel, in addition to data communication services. 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 www.cellcom.co.il
SOURCE Cellcom Israel Ltd.