Idan Ofer has seen enough.
Israel’s richest man is leaving Zim Integrated Shipping Services as attacks on ships in the Red Sea by Houthi rebels have disrupted global supply chains but soared profits for carriers, including Zim’s.
Ofer’s Kenon Holdings is selling about 30 million shares with a total market value of $719 million in two blocks through JP Morgan and Citigroup, according to a notice Zim (NYSE: ZIM) posted on its website Friday.
ZIM shares have increased in value by 260% in the past year.
Ofer, a longtime investor in Zim, spun off from Kenon of Israel Corp. in 2015. Kenon has a 16.5% stake in Zim, which has a market capitalization of $2.86 billion.
Kenon sold $111 million worth of Zim stock six months ago and signed an option to sell more shares, representing another 4.2% of the company. This last collar has been cancelled.
Thanks to record volume, Zim posted a profit of $1.53 billion in the third quarter, compared to a loss of $2.2 billion a year ago, on revenue of $2.77 billion, up from $1.53 billion.
Shares of Zim closed 1.86% lower on Friday and were down 6.22% in pre-market trading on Monday.
ZIM shares have increased in value by 260% in the past year.
Find more articles by Stuart Chirls here.
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