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Zim sells stakes in foreign subsidiary

Will sell its 8% stake in a joint venture in China for $29 million. Will also sell its holding in a foreign company that provides shipping services for $130 - $170million
14.06.10 / 00:00
Zim sells stakes in foreign subsidiary
14.06.10
Zim sells stakes in foreign subsidiary

Will sell its 8% stake in a joint venture in China for $29 million. Will also sell its holding in a foreign company that provides shipping services for $130 - $170million
 
On Monday Israel Corp reported to the Tel Aviv Stock Exchange that Zim Integrated Shipping Services Ltd. signed a non-binding letter of intent to sell its holding in a foreign company that provides services to the shipping industry for $130 million to $170million.
 
Zim did not disclose the name of the foreign subsidiary, nor the name of the buyer. Zim said that the buyer is a company with operations related to shipping, but which did not own any ships. Zim also did not disclose the size of the stake. According to London's weekly Containerization International, the sale is reportedly involved in "shipping related activity and does not hold ships”.
 
It is understood that the company has granted the unnamed foreign corporation 45 days to exclusively finalize the deal with an option for another 45-day exclusivity period.
 
In a separate story it was reported that Zim Integrated Shipping Services Ltd. has agreed to sell its 8% stake in a joint venture in China to a foreign firm for RMB 197 million ($29 million), parent company Israel Corp said on Wednesday. The joint venture built and operates 18 terminals for cargo trains in China.
 
The foreign company, which Israel Corp did not identify, will also pay RMB 111 million to the joint venture in China for Zim’s  share in a financing round which Zim has not yet paid.
 
The dealis subject to government approval in China, Israel Corp said in a statement to the Tel Aviv Stock Exchange. Zim posted a narrower loss of $82 million in the first quarter from $119 million a year ago.

 

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