Middle East

One step forward, two back for Zim?

Cairo: Zim’s longstanding battle to reduce the burden of the government’s golden share in the containerline looks to be over. Haifa District Court Judge Adi Zarankin yesterday ruled that the restriction on the transferability of shares in Zim would be lifted to 35%.

His ruling will enable Israel Corporation to sell its shares in Zim  – 32% after the Zim debt arrangement is completed – in the future without state approval.

Tel Aviv has said it might appeal the decision.

Meanwhile, Zim bondholders, headed by Harel and Migdal Insurance companies and the Amitim pension fund, are opposing the appointment of Rafi Danieli as chairman. Danieli announced his resignation as Zim CEO a few days ago. Parent firm Israel Corporation planned to appoint him as chairman of Zim in place of Nir Gilad, its current chairman. [04/07/14]

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