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Zim reportedly hires banks to plan for IPO

Zim reportedly hires banks to plan for IPO
Israel’s Zim Integrated Shipping Services has hired two banks to carry out its initial public offering (IPO) in the US, Bloomberg reported.

The report cited people with knowledge of the matter saying that the shipping firm has engaged Merrill Lynch and Barclays to lead the IPO, which is planned for the first half of 2016.

“Zim has been contemplating going public and other financing options since 2007,” Maor Aharoni, a spokesman for the company, was quoted saying. “This strategy has not changed. We have nothing to report at this time and don’t comment on rumors.”

Zim had come to an agreement with its debtors in January 2014 for them to take 68% of the company, allowing the shipowner to write off $1.4bn of debts.

The restructuring of Zim saw its previous 100% shareholder Israel Corp lose control of the shipowner, but still holds a so-called ‘Golden Share’, allowing the government to have a say on the transferability of up to 35% of Zim’s shares.

Zim is now majority controlled by its creditors after completing a $3bn restructuring in July last year.

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