Kenon Holdings, controlled by major shipowner Idan Ofer, has sold 5m shares of Israeli carrier ZIM as well as entering into a collar to potentially sell a further 5m shares. Following the official 5m share sale for $110.6m, Kenon’s stake falls from 20.6% to 16.5%.
The collar transaction has a two-year term with settlement either in cash or in the ZIM shares.
“The collar transaction enables Kenon to retain exposure to potential upside in ZIM’s shares up to the call price, while limiting the impact of potential decline in the share price,” Kenon stated in a release.
