Zim looks to sell two subsidiaries

Zim looks to sell two subsidiaries    The parent company of container line Zim said in a note to the Tel Aviv Stock Exchange last week that Zim is looking to sell two foreign companies it owns to raise $150 million to $190 million.
   The nature of the companies in question is unknown, with Zim's parent Israel Corp. only saying the two companies are 'engaged in activities related to ship' but that they do not own ships.
   'At this stage, there is no certainty that any documents will be signed in relation to the above mentioned transactions or that the transactions will be executed,' Israel Corp. said in the statement.
   The shipping line struggled mightily in 2008 and the first half of 2009, needing the help of its shareholders to fund vessel deliveries and pay for day-to-day operations as its revenue and volume slid. However, the company projects to earn profits by 2013.