SCHEDULE: Menora Mivtachim Discloses Kenon Holdings Stake

Menora Mivtachim Holdings Ltd. has reported beneficial ownership of 5.24% of Kenon Holdings Ltd. ordinary shares as of May 7, 2026.

Summary

• Menora Mivtachim Holdings Ltd. (Menora Holdings) and its subsidiaries have filed a Schedule 13G, indicating beneficial ownership of 2,732,924 ordinary shares of Kenon Holdings Ltd.
• This holding represents approximately 5.24% of Kenon Holdings' outstanding ordinary shares, based on a reported 52,108,397 shares outstanding as of May 11, 2026.
• The shares are held by various subsidiaries of Menora Holdings, including Menora Mivtachim Insurance Ltd., Shomera Insurance Company Ltd., Menora Mivtachim Pensions and Gemel Ltd., Menora Mivtachim Vehistadrut Hamehandesim Nihul Kupot Gemel Ltd., and Menora Mivtachim Investment Portfolio Management Ltd.
• Menora Holdings and its subsidiaries disclaim beneficial ownership beyond their pecuniary interest, noting that economic interests are held for the benefit of policyholders, portfolio account owners, or fund members.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it is a routine disclosure of beneficial ownership and does not provide operational or financial performance data for Kenon Holdings Ltd.

Positives

• Menora Mivtachim Holdings Ltd. has established a significant beneficial ownership stake of 5.24% in Kenon Holdings Ltd., indicating confidence or strategic interest in the company.
• The filing clearly delineates the ownership structure across multiple subsidiaries, providing transparency regarding the beneficial holders.

Negatives

• The filing does not contain any negative financial or operational information about Kenon Holdings Ltd. itself, as it is a disclosure of ownership by a third party.

Risks

• The disclaimer of beneficial ownership beyond pecuniary interest could imply a complex ownership structure or a passive investment strategy, which might be perceived as a risk by some investors if active engagement is expected.
• The filing does not provide forward-looking statements or risk factors related to Kenon Holdings' business operations, as it is solely an ownership disclosure.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Kenon Holdings Ltd.'s future performance or strategy.

Management Comments

• "This statement on Schedule 13G shall not be construed as an admission by Menora Holdings or by any of the Subsidiaries that it is the beneficial owner of any of such securities covered by this statement on Schedule 13G, and each of Menora Holdings and the Subsidiaries disclaims beneficial ownership of any such securities except to the extent of its pecuniary interest therein."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by Menora Mivtachim Holdings Ltd. is a standard disclosure for institutional investors crossing a 5% ownership threshold in a publicly traded company. Such filings are common in the investment management sector and indicate a significant passive or active investment position.

Stakeholder Impact

• Shareholders of Kenon Holdings Ltd.: The disclosure informs existing shareholders about a significant institutional investor's stake, potentially influencing market perception and trading activity.
• Menora Mivtachim Holdings Ltd. Stakeholders (policyholders, fund members): The investment represents a portion of their managed assets, with the performance of Kenon Holdings' shares impacting their returns.
• Regulators (SEC): The filing ensures compliance with securities regulations regarding significant ownership disclosures.

Next Steps

• Menora Mivtachim Holdings Ltd. will continue to hold its stake in Kenon Holdings Ltd., subject to its investment strategy and regulatory requirements.
• Kenon Holdings Ltd. will continue its business operations as usual, with the disclosure not directly impacting its day-to-day activities unless Menora Mivtachim decides to engage more actively.

Key Dates

Keywords

Kenon Holdings, Menora Mivtachim Holdings, Schedule 13G, Beneficial Ownership, Ordinary Shares, SEC Filing, Investment Disclosure, Shareholder