JERUSALEM, July 7 A company being spun-off from
Israel Corp, one of Israel's largest conglomerates, is
planning a 2 billion pound ($2.98 billion) listing on the London
Stock Exchange, the Sunday Times reported.
Israel Corp, controlled by billionaire Idan Ofer, announced
last month it would split off some of its less-profitable assets
into a new, listed company in a bid to boost the value of its
core businesses and attract a broader range of investors.
Israel Corp did not announce where the listing would take
place, but said the process of separating the company into two
would be completed within 6-12 months.
The Israeli holding company will keep two of its most
lucrative and stable companies - fertiliser and specialty
chemicals maker Israel Chemicals (ICL) and Oil
Refineries, Israel's biggest refinery.
The Sunday Times reported that the London listing would
include shipping company Zim, chipmaker TowerJazz, IC
Power and Israeli-Chinese carmaker Qoros. Ofer is already
planning to move his family to London as well, it added.
Before the reorganisation, Israel Corp will work towards
resolving Zim's $2.7 billion debt load through a
restructuring with banks, shipyards and bondholders.
An Israel Corp spokesman declined to comment on the report.