Middle East

Israel Corp to spin off Zim

Cairo: Israel Corp will list a company comprising some of its less profitable assets in Tel Aviv and New York and inject about $100m into the business. The spin-off – Singapore-incorporated Kenon Holdings – will include five units: boxline Zim, chipmaker TowerJazz, Qoros Automotive, IC Power and IC Green Energy.

It will also extend a credit line of $200m to Kenon. The reorganisation shoud be complete by year-end at which point current cfo Avisar Paz will be promoted to ceo following the announcement that the current incumbent, Nir Gilad, plans to stand down. [14/10/14]

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