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Kenon Holdings (TASE: KEN; NYSE: KEN), managed by Idan Ofer, is stocking up on money and plans a dividend distribution of $552 million by way of a capital discount (topic to approval by the shareholders and by the court docket). Ofer, who holds 60.3% of Kenon, will obtain $333 million. Ofer obtained a $114 million slice of the $189 million dividend that Kenon distributed in January this 12 months.
Kenon reported a internet revenue attributable to shareholders of $930 million for 2021. This follows a $507 million revenue for 2020. In its 2021 monetary statements, Kenon reported that in March it offered six million shares in Zim Built-in Delivery Companies Ltd. for $463 million.
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The sale lowered Kenon’s holding in Zim from 25.7% to twenty.7%. Due to the sale, Kenon had $504 million money on the finish of March 2022, however this week that quantity will rise to $982 million, whereas the corporate is freed from debt. The reason being a $2.04 billion dividend that Zim will distribute on April 4, of which Kenon’s share is $503 million, or $478 million publish tax.
As talked about, Kenon plans to use its collected money to distribute a dividend of $10.25 per share ($552 million) by way of a capital discount. The corporate will ask its shareholders to approve the transfer on the annual shareholders assembly on Might 19, and on the identical time it’s going to apply for approval to the Excessive Courtroom in Singapore, the place it’s registered.
In addition to its remaining 20.7% stake in Zim, value some $1.83 million, Kenon holds 58.8% of energy generator OPC Vitality, value NIS 4.33 billion ($1.36 billion), and 12% of Chinese language automobile maker Qoros Automotive. In April 2021, Kenon agreed a sale of its Qoros stake to Chinese language firm Baoneng Group for $245 million, however Baoneng has did not make the required funds beneath the sale settlement.
Kenon says that within the fourth quarter of 2021 it instituted arbitration proceedings in opposition to Baoneng Group earlier than the China Worldwide Financial and Commerce Arbitration Fee. The proceedings proceed.
On the shut of buying and selling in New York on Friday, Kenon Holdings had a market cap of $3.58 billion. Over the previous two years, funding in Kenon shares has yielded a return of 383%, adjusted for dividends.
Printed by Globes, Israel enterprise information – en.globes.co.il – on April 3, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
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