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ISRAEL Corp, parent of Zim Integrated Shipping Services, said today it plans to spin off Zim and other assets, potentially into a foreign listed entity.
The Tel Aviv-listed holding company said in a statement that its board has resolved to examine a strategic split of its holdings. The holding company estimated that the split plan could be completed over 6-12 months.
The plan calls for transferring Israel Corp’s holdings in IC Power, Qoros Automotive, Zim, IC Green Energy and Tower Semiconductor to a new company, with the same shareholder structure as Israel Corp.
“As part of the split plan, the new company will be listed on a foreign stock exchange or on the Tel Aviv Stock Exchange,” the holding company explained.
UK reports suggested over the weekend that the new company would be listed in London, but the holding company has not commented on that possibility.
Israel Corp is controlled by the Ofer brothers. Their UK shipping activities include Zodiac Maritime Agencies – owner of box ships, vehicle carriers, drybulk carriers and product tankers – plus Deerebrook, an investment company that is a significant shareholder in Royal Caribbean Cruises.