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Cellcom Israel Ltd. Announces Sale of 3% of its Issued Share Capital by Controlling Shareholder
Sep 19, 2007 (08:09 AM EDT)


NETANYA, Israel, September 19 /PRNewswire-FirstCall/ -- Cellcom Israel Ltd. ("Company") announced today that Discount Investment Corporation Ltd. ("DIC"), its controlling shareholder, has announced that DIC has entered today into an agreement to sell 2,925,000 shares of the Company, constituting 3% of the Company's issued share capital, for a total consideration of approximately NIS 286.3 million in cash to a financial institution and that the purchaser has informed DIC of its intention to place such shares for sale outside the United States to non-US investors. The sale is scheduled to be completed on September 24, 2007, following which DIC will hold approximately 56% of the Company's issued share capital.

The shares have not been and will not be registered under the U.S. Securities Act of 1933. Accordingly, the shares may not be offered or sold in the United States

About Cellcom Israel

Cellcom Israel Ltd., established in 1994, is the leading Israeli cellular provider; Cellcom Israel provides its 2.960 million subscribers (as at June 2007) 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 HSDPA 3.5 Generation network enabling the fastest high speed content transmission available in the world, in addition to GSM/GPRS/EDGE and TDMA 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 services, internet and fax services, dedicated centers for the hearing impaired, etc. In April 2006 Cellcom Israel, through Cellcom Fixed Line Communications L.P., a limited partnership wholly-owned by Cellcom Israel, became the first cellular operator to be granted a special general license for the provision of 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 http://investors.ircellcom.co.il

Company Contact: Shiri Israeli Investor Relations Coordinator investors@cellcom.co.il Tel: +972-52-998-9755 Investor Relations Contact Ehud Helft / Ed Job CCGK Investor Relations / Tel: (US) +1-866-704-6710 / +1-646-213-1914

Israel Ltd.

CONTACT: Company Contact: Shiri Israeli, Investor Relations Coordinator, investors@cellcom.co.il, Tel: +972-52-998-9755; Investor Relations Contact,Ehud Helft / Ed Job, CCGK Investor Relations, /, Tel: (US) +1-866-704-6710 / +1-646-213-1914