Israel Corp converts US$25m into Zim equity

The exercise of rights increases IC's share in ZIm to 99.66%
 
Israel Corporation, Israel’s largest holding company, advised last week it had converted US$25 million of the reserve for its shipping subsidiary Zim Integrated Shipping Services Ltd. into equity. The step was made as part of Zim's recovery plan.
 
The money is part of the US$50 million reserves set aside by the corporation for Zim shares, including for participation in Zim's rights issues held on June 11.
 
The exercise of the rights increases Israel Corp's stake in Zim from 99.62% to 99.66%.