Israel Corp sells another Zim ship

Ofer Brothers' subsidiary Israel corporation. , which owns 98% of Zim Lines, announced last week that it had sold a seventh Zim ship.
 
The company added that it would earn an immediate capital gain of NIS 47 million. The sale marked Ofer Brothers continuing reap of profits from its acquisition of Zim Israel Navigation Co.
 
 
In a press release, the company said that Zim sold the ship for $35 million, and will lease it back under a five-year contract.
 
The deal, according to the statement, is expected to be completed in the first quarter of 2005.