Kenon sells part of Zim stake, plans $552m dividend
2 min readKenon Holdings (TASE: KEN NYSE: KEN), controlled by Idan Ofer, is stocking up on dollars and ideas a dividend distribution of $552 million as a result of a funds reduction (issue to acceptance by the shareholders and by the court docket). 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 net profit attributable to shareholders of $930 million for 2021. This follows a $507 million revenue for 2020. In its 2021 financial statements, Kenon documented that in March it sold six million shares in Zim Integrated Shipping and delivery Companies Ltd. for $463 million.




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The sale reduced Kenon’s keeping in Zim from 25.7% to 20.7%. Many thanks to the sale, Kenon had $504 million funds at the close of March 2022, but this week that volume will increase to $982 million, while the business is 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 described, Kenon options to exploit its gathered income to distribute a dividend of $10.25 for every share ($552 million) as a result of a money reduction. The business will request its shareholders to approve the move at the annual shareholders meeting on May 19, and at the exact time it will utilize for acceptance to the Superior Courtroom in Singapore, where by it is registered.

Moreover its remaining 20.7% stake in Zim, really worth some $1.83 million, Kenon holds 58.8% of electrical power generator OPC Energy, worthy of 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 company Baoneng Team for $245 million, but Baoneng has unsuccessful to make the needed payments less than the sale arrangement.

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

At the close of trading in New York on Friday, Kenon Holdings had a market place cap of $3.58 billion. More than the earlier two decades, financial investment in Kenon shares has yielded a return of 383%, adjusted for dividends.

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

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


