Published On: Wed, Jan 7th, 2015

Idan Ofer’s Israel Corporation Approves Spin-Off of Kenon

IDAN OFER  / Getty

Kenon Holdings announced that the shareholders of Idan Ofer’s Israel Corporation Ltd., its board of directors and two committees of the board, have approved the spin-off of Kenon to Israel Corporation shareholders, and the expected closing date is January 7, 2015.

Israel Corporation chose to spin off its less valuable assets which included chipmaker TowerJazz and the shipping line Zim into a new company last year. It was announced last summer that Kenon’s shares would be offered on the TASE.

The board of directors of Israel Corporation declared a pro rata dividend of the outstanding shares of Kenon, which will result in the legal and structural separation of the two companies.

Kenon’s primary assets include IC Power, a wholly owned power generation company with more than 3, 800 MW of operating assets and assets under construction in growing markets including ten Latin American countries and the Caribbean and in Israel. IC Power has a pipeline of over 1, 100 MW of new projects under construction scheduled to be completed by year end 2016. Kenon’s other primary asset is Qoros Automotive, an emerging Chinese automaker. Its other assets include interests in Tower Semiconductor, a speciality foundry manufacturer of analogue integrated circuits, ZIM, a global container shipping company, and two smaller renewable energy companies.

All Israel Corporation shareholders as of the record date, January 9, 2015, will be entitled to receive for each IC share held, 7 Kenon shares, together with $26.22557 in cash, as a dividend. Kenon’s shares will be distributed through the clearing systems of the Tel Aviv Stock Exchange on or about January 9, 2015.

Kenon’s shares will begin trading in the U.S. on the New York Stock Exchange on or about January 6, 2015. The NYSE has indicated that Kenon’s shares will trade on a “when-issued basis” for an initial period. During this period, Kenon’s shares will trade under the ticker symbol of ‘KEN WI’. Regular-way trading on the NYSE will commence at a later date to be determined by the NYSE. At this stage, the ticker symbol will be changed to ‘KEN’.

Kenon’s shares will commence trading in Israel on the TASE, on or about January 11, 2015.

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