August 1, 2019 / 10:38 AM / 4 months ago

Israel's Discount Inv warns of writedown for Cellcom holdings

TEL AVIV, Aug 1 (Reuters) - Holding company Discount Investment Corp estimated on Thursday it would write down up to 600 million shekels ($170 million) in the value of its mobile phone subsidiary Cellcom Israel in the second quarter.

The estimate of a writedown of between 500 million and 600 million shekels is preliminary and subject to change, Discount said, adding that no writedown is expected in Cellcom’s own financial results.

Discount, which holds 44.08% of Israel’s biggest mobile phone operator, cited a decline in Cellcom’s market value as well as a rise in yields on its bonds.

Israeli mobile phone carriers have been hit by fierce competition. Bezeq Israel Telecom said on Monday it may have to write down the value of mobile unit Pelephone by 800 million shekels to 1.1 billion shekels. ($1 = 3.5257 shekels) (Reporting by Tova Cohen Editing by Steven Scheer)

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