Ofer Holdings becomes XT
Israel’s Ofer Holdings Group has changed its name to XT Group to “end the confusion” over its place in the sprawl of wider Ofer family interests.
XT is owned by Idan Ofer, son of the late Sammy Ofer, and Udi Angel.
It said: “The increasing global presence of the company in recent years, in a variety of fields such as shipping, aviation, hi-tech, and more, required the company to form a clear and distinct corporate identity.”
It expects the move to end the confusion among banks, governments and the media over the different companies associated with the Ofer family and their ownership.
XT Group is separate from Sammy Ofer Group Monaco, units of which were embroiled in a row with US authorities over the sale of the 41,000-dwt products carrier Raffles Park in 2010 to Iranian interests.
The group’s subsidiaries are now known as XT Shipping, XT Aviation and XT Hi-Tech.
XT Group is also a 1.2% shareholder in Israel Corporation, which owns 99.5% of container line Zim.
Other companies controlled by Idan Ofer have a controlling stake in Israel Corp.
As for the question of what XT means, the company was happy to explain that the X represents “growth, development and multiplying power.”
It is also the twenty-fourth letter of the English alphabet, signifying its “around-the-clock” operations.
T is for transportation.
The Ofer Holdings Group website has been rebranded with the XT logo and is currently under reconstruction.
