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Zim and state of Israel reach agreement on 'golden share'

Zim and state of Israel reach agreement on 'golden share'
Zim says it has reached agreement with the state of Israel over its “golden share” clearing the way for its planned restructuring to go ahead.

In a statement Zim said agreement had been reached with the Israeli state over the “golden share” although did not reveal the terms of what had been agreed.

The state of Israel had filed an appeal against a recent court decision to amned the terms of the “golden share” which would have allowed the transferability of up to 35% of Zim’s shares, compared to 24% previously.

‪“The long-expected completion of the debt restructuring, following 18 months of negotiations with creditors around the world, who put their trust in the company, will enable Zim to embark on a new path, with a strong balance sheet and with a debt structure which is in line with the company's capabilities,” said Rafi Danieli, president & ceo of Zim.

“We want to thank the creditors and the Israel Corporation for their trust and support.”

Zim’s planned restructuring will see it writing off $1.4bn in debt and Israeli Corp reducing its stake from 100% to 32%