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Discount Investment, Scailex Drop as Wireless Unit Shares Plunge

May 16 (Bloomberg) -- Discount Investment Corp. and Scailex Corp. Ltd., the owners of Israel’s two largest mobile-service providers, fell as their wireless units plunged amid competition concerns.

Discount Investment shares tumbled 20 percent to 11.50 shekels at the close in Tel Aviv, the lowest level since January 1995 when the shares listed in Tel Aviv. Discount has a 47.04 percent stake in Cellcom Israel Ltd., according to data compiled by Bloomberg. Scailex shares fell 21 percent to 10.78 shekels. Scailex holds a 44.54 percent stake in Partner Communications Co., Israel’s second-largest mobile provider.

Cellcom declined 9 percent to 34.11 shekels, the lowest level since July 2007 when the shares were listed on the Tel-Aviv Stock Exchange, bringing its three-day drop to 21 percent. Partner fell 7.3 percent to 21.86 shekels, bringing its three-day decline to 18 percent.

Golan Telecom Ltd. and Hot Telecommunication System Ltd. said on May 14 they will start offering mobile-phone services offering unlimited packages, competing with the packages offered by Cellcom, Partner Communications Co. and Bezeq Israeli Telecommunication Corp.

Suny Electronics Ltd., an importer of mobile phones, which has a 78.71 stake in Scailex, according to data compiled by Bloomberg, slumped 23 percent today.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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