Kenon sells part of Zim stake, plans $552m dividend
Kenon Holdings (TASE: KEN NYSE: KEN), managed by Idan Ofer, is stocking up on money and options a dividend distribution of $552 million by a cash reduction (matter to approval by the shareholders and by the court docket). Ofer, who holds 60.3% of Kenon, will obtain $333 million. Ofer obtained a $114 million slice of the $189 million dividend that Kenon dispersed in January this year.

Kenon noted a internet profit attributable to shareholders of $930 million for 2021. This follows a $507 million financial gain for 2020. In its 2021 economic statements, Kenon noted that in March it sold 6 million shares in Zim Built-in Transport Companies Ltd. for $463 million.




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The sale diminished Kenon’s keeping in Zim from 25.7% to 20.7%. Many thanks to the sale, Kenon had $504 million funds at the finish of March 2022, but this week that quantity will increase to $982 million, though the company is free of charge of credit card debt. The rationale is a $2.04 billion dividend that Zim will distribute on April 4, of which Kenon’s share is $503 million, or $478 million publish tax.

As mentioned, Kenon programs to exploit its amassed hard cash to distribute a dividend of $10.25 for every share ($552 million) via a capital reduction. The enterprise will question its shareholders to approve the move at the annual shareholders meeting on May well 19, and at the exact same time it will use for approval to the Substantial Courtroom in Singapore, wherever it is registered.

Other than its remaining 20.7% stake in Zim, really worth some $1.83 million, Kenon holds 58.8% of electric power generator OPC Electricity, well 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 under the sale agreement.

Kenon claims that in the fourth quarter of 2021 it instituted arbitration proceedings versus Baoneng Group just before the China Worldwide Economic and Trade Arbitration Fee. The proceedings proceed.

At the shut of investing in New York on Friday, Kenon Holdings experienced a current market cap of $3.58 billion. Above the earlier two a long time, expenditure in Kenon shares has yielded a return of 383%, adjusted for dividends.

Printed by Globes, Israel organization information – en.globes.co.il – on April 3, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


