Kenon Holdings (TASE: KEN NYSE: KEN), controlled by Idan Ofer, is stocking up on income and strategies a dividend distribution of $552 million via a capital reduction (subject matter to acceptance by the shareholders and by the court). Ofer, who retains 60.3% of Kenon, will obtain $333 million. Ofer received a $114 million slice of the $189 million dividend that Kenon dispersed in January this calendar year.

Kenon documented a web revenue attributable to shareholders of $930 million for 2021. This follows a $507 million gain for 2020. In its 2021 monetary statements, Kenon noted that in March it sold six million shares in Zim Integrated Shipping Expert services Ltd. for $463 million.




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The sale reduced Kenon’s keeping in Zim from 25.7% to 20.7%. Thanks to the sale, Kenon had $504 million money at the conclusion of March 2022, but this 7 days that total will increase to $982 million, when the enterprise is totally free of personal debt. The motive is a $2.04 billion dividend that Zim will distribute on April 4, of which Kenon’s share is $503 million, or $478 million article tax.

As outlined, Kenon plans to exploit its accrued cash to distribute a dividend of $10.25 per share ($552 million) via a money reduction. The firm will question its shareholders to approve the go at the yearly shareholders assembly on Could 19, and at the same time it will apply for approval to the Significant Court in Singapore, the place it is registered.

Besides its remaining 20.7% stake in Zim, worthy of some $1.83 million, Kenon holds 58.8% of electrical power generator OPC Power, truly worth NIS 4.33 billion ($1.36 billion), and 12% of Chinese car maker Qoros Automotive. In April 2021, Kenon agreed a sale of its Qoros stake to Chinese firm Baoneng Team for $245 million, but Baoneng has failed to make the needed payments under the sale settlement.

Kenon says that in the fourth quarter of 2021 it instituted arbitration proceedings in opposition to Baoneng Group just before the China Global Financial and Trade Arbitration Fee. The proceedings continue.

At the shut of buying and selling in New York on Friday, Kenon Holdings had a marketplace cap of $3.58 billion. About the past two years, financial commitment in Kenon shares has yielded a return of 383%, altered for dividends.

Published by Globes, Israel business news – en.globes.co.il – on April 3, 2022.

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


