Idan Ofer’s Israel Corporation is making some major moves as its current CFO Avisar Paz has been appointed the company’s new CEO. At the same time the company announced that its newly spun off Kenon Holdings will offer its stock on both the New York and Tel Aviv stock exchanges.
Israel Corporation Ltd. (“Israel Corp.”) is one of Israel’s largest holding companies and a global player with over 70% of its consolidated revenues derived from worldwide operations. Its core holdings focus on industries that meet basic human, industrial and economic needs: fertilizers and specialty chemicals, energy, shipping and transportation.
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Paz will replace the outgoing CEO Nir Gilad who has held that position for the past 8 years. During his tenure at the top the company lost money in part due to the failure of its investment in the electric car developer better Place. Gilad will now serve as the chairman of Israel Corp subsidiary Israel Chemicals.
During his time as CEO Gilad made almost $30 million, according to Globes.
Natan Yalovsky will take over as the new CFO.
Kenon Holdings, which was incorporated in Singapore, will be comprised of some of Israel Corp’s less profitable assets. These include chipmaker TowerJazz, shipping line Zim, Qoros Automotive — a joint venture between Israel Corp and China’s Chery Automobile — IC Power and IC Green Energy. Israel Corp has also extended Kenon a $200 million line of credit as well as $100 million in capital.
Potash and specialty chemicals maker Israel Chemicals (ICL) and Oil Refineries, Israel’s biggest refinery, which are the company’s strongest assets, will remain a part of Israel Corp.
Now in what has taken many by surprise Israel Corp has said that it will also offer Kenon’s shares for sale in Tel Aviv at a $1.5 billion valuation in addition to the NYSE. Its stock jumped 3.2% on the TASE when the news broke rising to 2, 004 shekels ($536.09) per share.
