Kenon Holdings (TASE: KEN NYSE: KEN), controlled by Idan Ofer, is stocking up on dollars and programs a dividend distribution of $552 million by way of a cash reduction (subject matter to approval by the shareholders and by the court). Ofer, who retains 60.3% of Kenon, will get $333 million. Ofer received a $114 million slice of the $189 million dividend that Kenon distributed in January this yr.

Kenon noted a web income attributable to shareholders of $930 million for 2021. This follows a $507 million income for 2020. In its 2021 monetary statements, Kenon noted that in March it sold six million shares in Zim Built-in Shipping and delivery Companies Ltd. for $463 million.




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The sale minimized Kenon’s keeping in Zim from 25.7% to 20.7%. Thanks to the sale, Kenon had $504 million cash at the end of March 2022, but this week that sum will increase to $982 million, while the corporation is cost-free of debt. The reason is a $2.04 billion dividend that Zim will distribute on April 4, of which Kenon’s share is $503 million, or $478 million submit tax.

As outlined, Kenon designs to exploit its accrued cash to distribute a dividend of $10.25 for every share ($552 million) by way of a capital reduction. The business will talk to its shareholders to approve the transfer at the once-a-year shareholders assembly on May perhaps 19, and at the very same time it will utilize for approval to the Substantial Court docket in Singapore, exactly where it is registered.

In addition to its remaining 20.7% stake in Zim, worth some $1.83 million, Kenon retains 58.8% of electric power generator OPC Strength, well worth NIS 4.33 billion ($1.36 billion), and 12% of Chinese vehicle maker Qoros Automotive. In April 2021, Kenon agreed a sale of its Qoros stake to Chinese organization Baoneng Team for $245 million, but Baoneng has unsuccessful to make the expected payments underneath the sale settlement.

Kenon suggests that in the fourth quarter of 2021 it instituted arbitration proceedings towards Baoneng Team just before the China International Financial and Trade Arbitration Commission. The proceedings carry on.

At the near of investing in New York on Friday, Kenon Holdings had a marketplace cap of $3.58 billion. Over the past two many years, financial investment in Kenon shares has yielded a return of 383%, adjusted for dividends.

Posted by Globes, Israel company news – en.globes.co.il – on April 3, 2022.

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


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