11:31 AM EDT, 06/06/2024 (MT Newswires) -- Kenon Holdings ( KEN ) said Thursday it sold 5 million shares of ZIM Integrated Shipping Services ( ZIM ) for net proceeds of $110.6 million, lowering its stake in ZIM to 16.5%.

The company also said it entered into a collar transaction involving stock options with an undisclosed investment bank for an additional 5 million ZIM shares, or 4.2% of the outstanding shares. Net proceeds will be $100 million to $155 million,

Kenon ( KEN ) said before these transactions, it held 24.8 million shares in ZIM, or 20.7% of the stock.

Kenon ( KEN ) shares rose 0.2% in recent trading Thursday, and ZIM slumped fell 15%.

Price: 25.57, Change: +0.06, Percent Change: +0.24