Kenon Holdings (TASE: KEN NYSE: KEN), managed by Idan Ofer, is stocking up on cash and plans a dividend distribution of $552 million by way of a cash reduction (matter to approval by the shareholders and by the court docket). Ofer, who retains 60.3% of Kenon, will receive $333 million. Ofer obtained a $114 million slice of the $189 million dividend that Kenon distributed in January this year.

Kenon noted a net income attributable to shareholders of $930 million for 2021. This follows a $507 million revenue for 2020. In its 2021 economic statements, Kenon claimed that in March it offered 6 million shares in Zim Integrated Delivery Companies Ltd. for $463 million.




Associated Content articles




Israel Corp. sells ICL shares for $220m



Zim charters six more vessels



Sanctions on Belarus to strengthen ICL potash profits





Idan Ofer denies involvement in Zim tax demands







The sale decreased Kenon’s holding in Zim from 25.7% to 20.7%. Many thanks to the sale, Kenon had $504 million income at the conclude of March 2022, but this week that amount of money will increase to $982 million, even though the organization is cost-free of personal debt. The cause 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 pointed out, Kenon plans to exploit its accumulated income to distribute a dividend of $10.25 per share ($552 million) as a result of a funds reduction. The firm will check with its shareholders to approve the move at the annual shareholders conference on May 19, and at the very same time it will use for approval to the High Courtroom in Singapore, in which it is registered.

Moreover its remaining 20.7% stake in Zim, truly worth some $1.83 million, Kenon holds 58.8% of electricity generator OPC Vitality, truly 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 company Baoneng Group for $245 million, but Baoneng has failed to make the essential payments less than the sale agreement.

Kenon suggests that in the fourth quarter of 2021 it instituted arbitration proceedings versus Baoneng Group in advance of the China Intercontinental Economic and Trade Arbitration Commission. The proceedings proceed.

At the shut of buying and selling in New York on Friday, Kenon Holdings experienced a industry cap of $3.58 billion. Around the earlier two decades, expense in Kenon shares has yielded a return of 383%, adjusted for dividends.

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

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


More Stories
Actualidad Económica, Tendencias Y Mundo International
The Trolls Are Successful, Says Russian Troll Hunter
Gojek