Kenon Holdings, controlled by Idan Ofer with a 63% stake, has announced that it is conducting negotiations on the sale of subsidiary IC Power's business in Latin America.
Earlier this year, Kenon sought to float IC Power on the New York Stock Exchange at a valuation of $1.4-1.5 billion after money, but withdrew from the move when it failed to receive the valuation it sought from US investors. It is believed that the valuation of IC Power for the purposes of the present negotiations is higher than that sought in the flotation attempt.
Kenon is also currently promoting the flotation of IC Power subsidiary OPC, which operates power plants in the Negev and Hadera.
Kenon has said it will distribute the proceeds of any sale of IC Power to its shareholders. Kenon's share price has risen by more than 5% on the Tel Aviv Stock Exchange this morning.
Meanwhile, it has been announced that Kenon Holdings CEO Yoav Doppelt is stepping down from his post as of the end of August. He will continue to serve as an active chairman for ICP and lead the sales deal for the company's activities as well as a member of the board of OPC Energy and the Zim shipping company in which Kenon holds a 32% stake. Doppelt will be succeeded by VP business development Barak Cohen and General Counsel Robert Rosen who will serve as co-CEOs.
Published by Globes [online], Israel business news - www.globes-online.com>www.globes-online.com - on July 23, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017