ISRAEL Corp, which owns 99.7 per cent of Zim, reportedly
plans to split itself into two companies, so it can spin off its non-chemical
businesses into a new entity, according to a Tel Aviv Stock Exchange filing.
Earlier, Israeli daily Haaretz reported that Israel Corp
had discussed a debt deal with lenders, which would allow the company to
"hand over Zim to creditors and walk away".
The spin-off bundle includes container carrier Zim,
China-based automaker Qoros, semiconducter manufacturer Tower Jazz as well as
power companies IC Power and IC Green Energy, reports London's Financial Times
and Reuters.
Israel Corp would keep ICL, a fertiliser and specialty
chemical company and oil refineries, said FT and Reuters.
The Israeli government hold a tiny "golden
share" in Zim which gives it a veto over the transfer of more than a 24
per cent of the company for national security reasons.
Source : HKSG.
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