LONDON, UK / ACCESSWIRE / August 1, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Kenon Holdings Ltd (NYSE: KEN), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=KEN. The Company announced on July 28, 2017, that IC Power Ltd's subsidiary OPC Energy, Ltd, has filed a second draft prospectus with the Israelis Securities Authority in connection with the proposed public offering of shares in Israel and listing on the Tel Aviv Stock Exchange. OPC, formerly known as IC Power Israel Ltd, is a subsidiary of IC Power Ltd, and a wholly-owned subsidiary of Kenon Holdings, Ltd. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Crucial Details

IC Power Israel is the owner of 80% of OPC Rotem, a gas-powered, combined-cycle power station producing 440 MW, while IC Power is the owner of 100% of OPC Hadera, a natural gas, cogeneration power station, currently under construction, designed to produce about 140 MW of electricity. IC Power currently operates power generation business in Latin America and Israel, where it produces gas- and hydro-powered electricity at an overall capacity of about 4,000 MW. IC Power also operates a power distribution business in Guatemala.

IC Power Israel, or OPC, entered into an agreement on April 06, 2017, to acquire 95% of the shares of Zomet Energy, Ltd from Ipswich Holdings Netherlands B.V. and Rapac Energy Ltd, where both held a 47.5% in the Company. Zomet holds the rights to develop a natural gas fired power station at Plugot Junction, Israel, with an estimated capacity of about 396 MW, along with land rights and statutory approvals.

The Announcement

OPC currently has 100,000,021 shares outstanding, all of which are owned by IC Power, and 1,000,000 shares underlying management share options, will offer 28,200,000 new ordinary shares, representing about 22% of OPC's total outstanding ordinary shares, at a currently estimated minimum public offering price of NIS12.5 per ordinary share. OPC also announced its Q2 2017 results, for the three-month period ended June 30, 2017.

OPC reported net revenues of NIS300 million in Q2 2017 versus NIS278 million in Q2 2016, where the growth was attributed to the past reconciliation with OPC's customers, resulting in NIS13 million of additional revenue in the quarter. Also, a NIS11 million increase in revenue was due to an increase in OPC's average energy selling price, possibly, when oil touched the $53.43 per barrel mark on April 11, 2017, and equally stable prices over Q1 2017. In Q2 2017, OPC reported a net loss of NIS36 million against NIS21 million in Q2 2016, primarily due to the increase in finance expenses, including the repayment of OPC-Energy's Mezzanine Loan of NIS 23 million.

Kenon Holdings

Kenon announced on January 06, 2015, that the shareholders of Israel Corp. Ltd (IC), has approved the spin-off of Kenon to IC's shareholders. All IC's shareholders were entitled to receive 7 Kenon's shares for each IC's share held, with $26.22557 in cash as dividend. Kenon's primary assets included IC Power, a wholly owned power generation company with more than 3,800 MW of operating assets under construction in growing markets including ten Latin American countries, the Caribbean, and in Israel.

Last Close Stock Review

Kenon's share price finished yesterday's trading session at $13.95, advancing 3.72%. A total volume of 157 shares have exchanged hands. The Company's stock price skyrocketed 13.05% in the last three months, 39.78% in the past six months, and 53.13% in the previous twelve months. Additionally, the stock surged 19.77% since the start of the year. The stock currently has a market cap of $780.36 million.

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SOURCE: Pro-Trader Daily