Israel Corporation shareholders approved Zim huge purchase and lease deal

At a general shareholders meeting, Israel Corporation's shareholders approved a deal, under which Zim Integrated Shipping Ltd will purchase and lease 12 containerships for $820 million
12.12.04 / 00:00
Israel Corporation shareholders approved Zim huge purchase and lease deal
12.12.04
Israel Corporation shareholders approved Zim huge purchase and lease deal
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At a general shareholders meeting last week, Israel Corporation's shareholders approved a deal, under which Zim Integrated Shipping Ltd will purchase and lease 12 containerships for $820 million from Sammy Ofer's Zodiac Maritime Agencies Ltd.
 
Under the approved deal, Ofer Brothers will buy four containerships; four more containerships will be jointly owned by Zim and Ofer Brothers; and Zim will lease four additional containerships for a period of ten years.
 
Zim is subsidiary of Israel Corp, which is a subsidiary of Offer Brothers. 94% of the shareholders present at the meeting voted in favor of the deal, amounting to 76% of the shareholders without a personal interest in it.
 
Mr. Yossi Rozen director general of Israel Corporation said after after the vote that this was an important day in Zim's history, because the procurement plan would enable the company to realize its strategic plan and increase its revenue and profits.
 
The chairman of the Israeli ship officers' union Mr. Avi Levi said after the vote that the decision was highly regarded by the union as being of great importance not only to the Israeli shipping sector but also to the Israeli ship officers.

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