Cellcom Israel Ltd (OTCMKTS:CELJF) stock is trading up in the opening session on Tuesday. The stock has been consolidating after the recent sharp sell-off
Market Action
As of 9:54, CELJF stock jumped 8.30% at $4.19. The stock has traded 8K shares, compared to its average volume of 5K shares. The stock opened at $4.20 and moved in a range of $4.1700 – 4.2300.
Major Trigger:
CELLCOM ISRAEL : ANNOUNCES COLLABORATION RE. ELECTRICITY PROVISION WITH MESHEK ENERGY CORP (Form 6-K)
Key Highlights:
- announced today that the Company entered a term sheet for collaboration via a joint venture with Meshek Energy – Renewable Energy Ltd., or Meshek Energy, in the field of electricity provision in Israel to private and business customers (who own smart electricity meters) in accordance with the emerging reform of the Israeli Public Services Authority-Electricity to open segments in the production and supply chain of electricity to competition.
- The activity in the field in collaborationwith Meshek Energy is subject to various conditions and approvals, including obtaining a relevant license and entering into a definitive agreement. The Company cannot assure such terms and approvals will be met.
- The Company estimates that this activity will not have a material effect on its results of operations in the coming years.
- The Company’s estimation is a forward-looking statementas defined in the U.S Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968 and is subject to assumptions and uncertainties related to this activity, including due to regulatory changes, technological changes and other factors that are not under the Company’s control which may lead to materially different outcome than that set forth above.
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