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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 via a money reduction (matter to approval by the shareholders and by the court). Ofer, who holds 60.3% of Kenon, will receive $333 million. Ofer been given a $114 million slice of the $189 million dividend that Kenon dispersed in January this 12 months.

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Kenon documented 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 sold six million shares in Zim Built-in Shipping Solutions Ltd. for $463 million.

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The sale diminished Kenon’s holding in Zim from 25.7% to 20.7%. Thanks to the sale, Kenon experienced $504 million money at the close of March 2022, but this 7 days that amount will rise to $982 million, whilst the company is cost-free of financial debt. The motive is a $2.04 billion dividend that Zim will distribute on April 4, of which Kenon’s share is $503 million, or $478 million put up tax.

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As mentioned, Kenon plans to exploit its accumulated hard cash to distribute a dividend of $10.25 per share ($552 million) through a funds reduction. The enterprise will request its shareholders to approve the go at the yearly shareholders assembly on Might 19, and at the same time it will use for approval to the Substantial Court docket in Singapore, where it is registered.

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Apart from its remaining 20.7% stake in Zim, really worth some $1.83 million, Kenon holds 58.8% of ability generator OPC Vitality, well worth NIS 4.33 billion ($1.36 billion), and 12% of Chinese motor vehicle maker Qoros Automotive. In April 2021, Kenon agreed a sale of its Qoros stake to Chinese enterprise Baoneng Team for $245 million, but Baoneng has failed to make the needed payments below the sale arrangement.

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Kenon claims that in the fourth quarter of 2021 it instituted arbitration proceedings from Baoneng Group prior to the China Worldwide Financial and Trade Arbitration Fee. The proceedings proceed.

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At the close of trading in New York on Friday, Kenon Holdings experienced a industry cap of $3.58 billion. Above the earlier two decades, investment decision in Kenon shares has yielded a return of 383%, adjusted for dividends.

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

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

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