Zim invests $44m in China joint venture - The joint venture is for the construction and operation of 18 freight railway terminals

Israel Corp. (TASE: ILCO) has announced that Zim Integrated Shipping Services Ltd., which it owns, has signed a joint venture agreement in China, in which it will invest $44 million.

This comes one day after the Israel Corp. announced that it was negotiating the purchase of 50 percent of a European oil company for $132 million.

The Chinese contract is for the construction and operation of 18 freight railway terminals. Zim's stake in the venture stands at 8 percent, in exchange for the $44-million investment.

Under the agreement, Zim will make the investment in three stages, up to the end of 2008. The other shareholders in the venture are strategic partners, who are active in the manufacture of containers, infrastructure, shipping, and railways. The main partner is a Chinese government freight-haulage company.

 

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Zim invests $44m in China joint venture - The joint venture is for the construction and operation of 18 freight railway terminals