Idan Ofer resigns Israel Corp. directorship

Ofer, who is moving to London, partly for tax reasons, will no longer have an active role in the company.

Israel Corporation (TASE: ILCO) controlling shareholder Idan Ofer has begun his move to London. He has resigned as a director of the company and will no longer have a role in it.

Ofer was a director of Israel Corp. from January 26, 1999 until yesterday. He still owns 46.94% of the company through Millennium Investments Elad Ltd., 2.46% through Ofer Investments Ltd., and 1.24% through Ofer Holdings Group.

One of Idan Ofer's associates told "Globes", "The move is for personal reasons. Idan wants to devote more time to his global businesses, to develop and initiate new businesses. The move to London will, among other things, make this possible. He also believes that being a director in a company like Israel Corp. requires intensive and constant involvement, which he cannot provide at this time."

In early April, "Globes" was the first to report that Idan Ofer planned to move to London, in part for tax reasons.

"Idan's commitment to the companies he controls will continue to be as it has always been," the source added.

Idan Ofer's decision to resign as a director at Israel Corp. follows the announcement in June of a planned split up of the company. Under the split, Israel Corp. will continue to hold Israel Chemicals Ltd. (TASE: ICL) and Oil Refineries Ltd. (TASE:ORL), while its other holdings, including IC Power Ltd., Zim Integrated Shipping Services Ltd., Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM), and Qoros Auto Company Ltd., will be transferred to a new company that will be floated on the London Stock Exchange.

Published by Globes [online], Israel business news - - on July 25, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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