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Israeli shipper Zim exploring IPO on foreign exchange, Globes reports

Israeli shipper Zim exploring IPO on foreign exchange, Globes reports

FILE PHOTO: Zim containers are stacked just outside Israel's port of Ashdod February 23, 2012. REUTERS/Amir Cohen

JERUSALEM: Israeli shipping company Zim is considering an initial public offering on a foreign exchange, Israeli news website Globes reported on Monday.

A Zim spokesman said the company was not commenting.

Two options being examined are to hold the offering in London or New York, according to Globes, a financial news website, which did not cite its sources.

Zim, with a workforce of about 4,200 and which had turnover in 2019 of US$3.3 billion, has hired three foreign banks to help with the IPO, which will value the shipping company at US$750 million, Globes said.

Zim's shareholders include Kenon Holdings Ltd, which owns 32 per cent. A number of financial institutions and ship owners hold the remaining 68 per cent.

Source: Reuters

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