Breaking News

Kenon sells part of Zim stake, plans $552m dividend

&#13

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

&#13

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

&#13
&#13
&#13
&#13

&#13
&#13
&#13
&#13

The sale minimized Kenon’s keeping in Zim from 25.7% to 20.7%. Many thanks to the sale, Kenon experienced $504 million dollars at the close of March 2022, but this week that amount of money will rise to $982 million, although the enterprise is free of charge of financial debt. The purpose 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.

&#13

As pointed out, Kenon plans to exploit its amassed dollars to distribute a dividend of $10.25 for every share ($552 million) via a funds reduction. The corporation will inquire its shareholders to approve the go at the once-a-year shareholders meeting on May possibly 19, and at the similar time it will implement for approval to the Higher Court in Singapore, where by it is registered.

&#13

Moreover its remaining 20.7% stake in Zim, really worth some $1.83 million, Kenon holds 58.8% of electricity generator OPC Power, worthy of NIS 4.33 billion ($1.36 billion), and 12% of Chinese automobile maker Qoros Automotive. In April 2021, Kenon agreed a sale of its Qoros stake to Chinese organization Baoneng Group for $245 million, but Baoneng has unsuccessful to make the essential payments underneath the sale arrangement.

&#13

Kenon suggests that in the fourth quarter of 2021 it instituted arbitration proceedings in opposition to Baoneng Group ahead of the China Intercontinental Financial and Trade Arbitration Commission. The proceedings continue on.

&#13

At the close of buying and selling in New York on Friday, Kenon Holdings experienced a market cap of $3.58 billion. In excess of the earlier two years, financial investment in Kenon shares has yielded a return of 383%, modified for dividends.

&#13

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

&#13

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

&#13
&#13