Israel Corporation (TASE: ILCO) spin-off Kenon Holdings Ltd (TASE:KEN: NYSE: KEN-WI) began trading on the Tel Aviv Stock Exchange today. The share rose 6.25% in afternoon trading to NIS 76.25, giving a market cap of NIS 4.09 billion, on an arbitrage difference, having begun trading on the New York Stock Exchange last week. On Friday, the share price fell 1.53% on the NYSE to $18.61.
Kenon Holdings, registered in Singapore, is a fully owned subsidiary of the Israel Corporation, controlled by Idan Ofer. Kenon has a 32% stake in Zim Integrated Shipping Services Ltd., AC Power (100%), Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM)(30%), Chinese automaker Qoros (50%), and IC Green Energy (100%).
After the split, Israel corp's market cap has fallen 30% to NIS 10.6 billion and it is left with a 46% stake in Israel Chemicals (TASE: ICL: NYSE: ICL) and a 37% stake in Oil Refineries Ltd. (TASE:ORL).
Kenon is listed on the Tel Aviv 25 Index. No share will be relegated from the index to make way for Kenon, and so 26 shares will trade on the index until the next set of changes in June.
Published by Globes [online], Israel business news - www.globes-online.com - on January 11, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015