Paz Oil Company Ltd. on Dec. 23 presented its restructuring plan, which it proposes to implement during 2008. The announcement comes after the company, controlled by Zadik Bino through Bino Holdings Ltd., acquired the Paz Ashdod Refinery and Paz's IPO.
The restructuring plan was the source of disagreement between Bino and former Paz CEO Mordechai Ben-Shach.
Paz will restructured into four divisions: Paz Retail and Commerce, which will market fuel at gas stations and handle convenience stores; Paz Industries and Services, which will supervise subsidiaries Pazgas Ltd., Pazkar Ltd., Paz Lubricants and Chemicals Ltd., and Aviation Services Ltd.; Refining and Logistics, which will manage Paz Ashdod Refinery and import crude oil and oil products; and Finance and Headquarters, which will handle finances, including investor relations.
Paz expects that the new company structure will enable it to unlock value in subsidiaries through IPOs on the Tel Aviv Stock Exchange (TASE) in the future. Paz CEO Yona Fogel will simultaneously serve as chairman of Paz Ashdod Refinery and Paz Industries and Services, and as general manager of Paz Retail and Commerce.
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