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, announced that it was considering selling its remaining stake in ZIM Integrated Shipping Services (NYSE: ZIM), it reported today that the ownership has already been sold. The company notified the Tel Aviv Stock Exchange that it sold its 9.1 million shares in the shipping line for $178 million. Prior to the sale, Kenon Holdings received $47 million in dividends from ZIM. Kenon’s share price rose approximately 5% on the Tel Aviv Stock Exchange.
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In all, over the years, Kenon sold ZIM shares and pocketed at least $2.1 billion in profits from them, according to Kenon figures. Additionally, Kenon has the potential to generate further upside in the stock through a capped buyout.
According to SEC filings, there is only one party with an interest in ZIM, a company called Jane Holdings, registered in Delaware, which holds a 5.3% stake in the company. Most of ZIM’s shareholders are individual investors.
Published by Globes, Israel Business News – en.globes.co.il – on December 26, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
Idan Ofer Credit: Sivan Faraj
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