Kenon Holdings (TASE: KEN NYSE: KEN), controlled by Idan Ofer, is stocking up on cash and ideas a dividend distribution of $552 million as a result of a money reduction (issue to acceptance by the shareholders and by the court). Ofer, who retains 60.3% of Kenon, will obtain $333 million. Ofer acquired a $114 million slice of the $189 million dividend that Kenon dispersed in January this yr.

Kenon claimed a net profit attributable to shareholders of $930 million for 2021. This follows a $507 million gain for 2020. In its 2021 financial statements, Kenon noted that in March it bought six million shares in Zim Built-in Transport Solutions Ltd. for $463 million.




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The sale reduced Kenon’s holding in Zim from 25.7% to 20.7%. Thanks to the sale, Kenon experienced $504 million income at the conclude of March 2022, but this 7 days that amount of money will increase to $982 million, whilst the enterprise is absolutely free of credit card debt. The explanation is a $2.04 billion dividend that Zim will distribute on April 4, of which Kenon’s share is $503 million, or $478 million write-up tax.

As outlined, Kenon designs to exploit its accumulated funds to distribute a dividend of $10.25 per share ($552 million) via a cash reduction. The firm will question its shareholders to approve the shift at the yearly shareholders assembly on Could 19, and at the very same time it will apply for acceptance to the Substantial Courtroom in Singapore, in which it is registered.

Besides its remaining 20.7% stake in Zim, well worth some $1.83 million, Kenon holds 58.8% of ability generator OPC Electricity, really worth NIS 4.33 billion ($1.36 billion), and 12% of Chinese motor vehicle maker Qoros Automotive. In April 2021, Kenon agreed a sale of its Qoros stake to Chinese business Baoneng Team for $245 million, but Baoneng has failed to make the demanded payments underneath the sale settlement.

Kenon says that in the fourth quarter of 2021 it instituted arbitration proceedings towards Baoneng Team in advance of the China International Economic and Trade Arbitration Commission. The proceedings continue on.

At the near of buying and selling in New York on Friday, Kenon Holdings experienced a current market cap of $3.58 billion. Over the earlier two a long time, financial investment in Kenon shares has yielded a return of 383%, altered for dividends.

Published by Globes, Israel company information – en.globes.co.il – on April 3, 2022.

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