Cellcom Israel Ltd. — Capital/Financing Update 2007

Sep 7, 2007

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C003����� ����� ��"�2PublicCELLCOM ISRAEL LTD5180Corporation no: 511930125Stock Exchange/Market: �����2100381Hagavish 10 , Netanya 42140 , ,Tel: 052-9989595 , Fax: 09-8607986E.mail address: liatme@cellcom.co.ilDate of transmission: 07/09/2007              Time of broadcast: 14:46 14:45:07

Reference: 2007-02-388102

Israel Securities Authority		Tel Aviv Stock Exchange
www.isa.gov.il		www.tase.co.il

Other Report or AnnouncementRegulation 5 of the Securities Regulations, (Periodic and Immediate Reports of Foreign Corporation) 5761-2000 The corporation is a foreign private issuer as defined by U.S. Securities Laws.

Attached hereto is a report on	6K- THE COMPANY ANNOUNCES PREPARATIONS FOR POSSIBLE PUBLIC OFFERING OF DEBENTURES ON THE TEL AVIV STOCK EXCHANGE

6-k_debentures_offering_preparation_7-9-07_isa.pdf

References of previous documents relating to this matter(the reference does not constitute incorporation by reference):
Previous names of reporting entity:
Date of revision of form structure: 05/09/2007
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Name of the Signatory: : Menahemi Stadler Liat , , Position of Signatory in the reporting corporation: General Counsel
Hagavish Telephone: 052-9989595 , Facsimile: 09-8607986 , E-mail: liatme@cellcom.co.il