Cellcom Israel to voluntarily delist ordinary shares from NYSE

Cellcom Israel Ltd. notified NYSE of its intention to delist its ordinary shares listed on the U.S. stock exchange amid plans to consolidate the listing of its shares onto one exchange, the Tel Aviv Stock Exchange.

The Israel-based telecom company, which expects its shares to stop trading on NYSE no sooner than Feb. 8, will maintain the current listing of its shares on Tel Aviv Stock Exchange.

The change to a sole listing on Tel Aviv Stock Exchange is meant to become effective upon the U.S. delisting, no earlier than Feb. 9.

In an SEC filing, the company said its board ascertained that its current dual listing structure is "unnecessary in today's increasingly globalized trading environment."