Wednesday, October 22, 2014
Israel Corp to spin off Zim container line to Kenon Holdings
Israeli holding company Israel Corp announced it would split in two and its 32 percent share of Zim Integrated Shipping Services will be transferred to the new spin-off company, Kenon Holdings.
The holding company released more details of the massive restructuring it plans to implement by the end of 2014. Israel Corporation also announced that Avisar Paz, its current chief financial officer, will take over as CEO after the restructuring is complete.
Zim made a full-year net loss of $535 million in 2013 and a net loss of $129 million in the first six months of 2014, according to the company.
Israel Corp will invest $100 million into Kenon Holdings, which will be incorporated in Singapore and listed on the Tel Aviv Stock Exchange at $1.5 billion and also in New York. It will also provide Kenon with a $200 million credit line and assume $300 million in guarantees it had pledged to Chinese auto maker Qoros.
Since the Israeli military's attack on the Gaza region of Palestine in August, Zim ships have been the targeted by protests at U.S. ports.
For more of the Haaretz story: haaretz.com/business
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