A company being spun-off from Israel Corporation, one of Israel 'slargest 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 six to 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.
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.