Published July 07, 2013
JERUSALEM – 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 on Sunday.
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 - fertilizer 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 reorganization, 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.
(Reporting by Ari Rabinovitch and Tova Cohen; Editing by Elaine Hardcastle)