Immediate Report – Notice from B Communications Ltd. regarding an Amended Permit for Control and Holding of Means of Control in the Company
Bezeq – The Israeli Telecommunications Corp. Ltd.
(the “Company”)
Attn.
Israel Securities Authority Tel Aviv Stock Exchange Ltd.
Immediate Report – Notice from B Communications Ltd. regarding an Amended Permit for Control and Holding of Means of Control in the Company
Holon, Israel – November 11, 2025 – Bezeq The Israeli Telecommunications Corp. Ltd. (the "Company") (TASE: BEZQ), announced today that further to the Company’s immediate report dated September 19, 2023, regarding the amendment to the Telecommunications Order (Determination of Essential Service Provided by Bezeq The Israel Telecommunications Corp. Ltd.), 1997, the Company hereby reports that on November 11, 2025 (the “Amendment Date”), its controlling shareholder, B Communications Ltd. (“B Communications”), notified the Company that an amendment to the control permit granted to the permit holders on November 11, 2019 (the “Amendment” and the “Permit,” respectively) has been signed.
The principal provisions of the Amendment are as follows:
- The Permit allows the permit holders to control the Company through B Communications by holding, directly or indirectly, no less than 15% of each type of means of control in the Company.
- The permit holders may reduce their holdings to below 15% of each type of means of control in the Company and, consequently, cease to be controlling shareholders of the Company. Under the Amendment, such reduction must be completed within a period not exceeding 24 months from the Amendment Date, which may be extended by an additional 12 months with the approval of the Director General of the Ministry of Communications.
- Within 24 months from the date on which the holdings of the permit holders in each type of means of control in the Company fall below 15%, the permit holders shall further reduce their holdings to below 5% (the “Transition Period”). During the Transition Period, the permit holders shall be subject, inter alia, to the following additional provisions:
(a) The permit holders shall not exercise voting rights exceeding 5% of the means of control in the Company;
(b) The directors of the Company who were appointed by the permit holders or whose appointment was proposed by anyone on their behalf shall resign from the Board of Directors within three business days from the commencement of the Transition Period (the “Resigning Directors”), except for one director on behalf of the permit holders who Bezeq - The Israel Telecommunications Corp. Ltd. 7 Hamanor Street, Holon 5886105 - 2 - may continue to serve during and after the Transition Period. The current Resigning Directors are Mr. Darren Glatt and Mr. Ran Fuhrer. The Chairman of the Board, Mr. Tomer Raved, may continue to serve during and after the Transition Period.
Yours sincerely,
“Bezeq” The Israel Telecommunication Corp Limited
The above information constitutes a translation of the Immediate Report published by the Company. The Hebrew version was submitted by the Company to the relevant authorities pursuant to Israeli law and represents the binding version and the only one having legal effect. This translation was prepared for convenience purposes only.