CEL - Cellcom delisting from NYSE to consolidate on Tel Aviv exchange

Cellcom Israel (CEL -4.5%) will voluntarily delist from the New York Stock Exchange, electing to consolidate its listing on the Tel Aviv Stock Exchange. The board determined that its dual listing was "unnecessary in today's increasingly globalized trading environment," since investors can access international stocks and the "vast majority" of its ordinary shares trade on the TASE. A single listing will reduce costs and allow the company to focus further on developing the business. It expects to file a Form 25 with the SEC on or around Jan. 29, and expects the last day of trading on NYSE will be no earlier than Feb. 8.

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Cellcom delisting from NYSE, to consolidate on Tel Aviv exchange