Kenon sells remaining ZIM stake

18 hours ago 3

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Idan Ofer's Kenon Holdings sold 9.1 million shares in the shipping line for $178 million.

A month after Kenon Holdings (TASE: KEN; NYSE: KEN), controlled by Idan Ofer, reported that it was considering selling its remaining holding in ZIM Integrated Shipping Services (NYSE: ZIM), today it reported that the holding has indeed been sold. The company notified the Tel Aviv Stock Exchange that it had sold its 9.1 million shares in the shipping line for $178 million. Before the sale, Kenon Holdings received a dividend of $47 million from ZIM. Kenon’s share price is up by nearly 5% on the Tel Aviv Stock Exchange.

Altogether, over the years, Kenon has sold ZIM shares and received dividends from it to the tune of not less than $2.1 billion, according to Kenon’s figures. In addition, Kenon has the possibility of further upside in the shares from a capped call deal.

According to SEC filings, there is only one other party at interest in ZIM, a company called Jane Holdings, registered in Delaware, which holds a 5.3% stake in the company. Most of the shareholders in ZIM are retail investors.

Published by Globes, Israel business news - en.globes.co.il - on December 26, 2024.

Sivan Farag