Menora Holdings Ltd. reports beneficial ownership of 2,732,924 ordinary shares of Kenon Holdings Ltd., representing 5.24% of the class based on May 11, 2026 outstanding share count. The position comprises holdings by Menora subsidiaries, including 2,432,440.11, 283,415.22, and 17,068.60 ordinary shares held by named entities as of May 7, 2026.
The filing clarifies that some economic interests are held for policyholders or account owners and that Menora Holdings disclaims beneficial ownership beyond its pecuniary interest. Voting and dispositive authority are reported as shared for the stated shares.
Positive
None.
Negative
None.
Insights
Menora lists a >5% passive ownership position via subsidiaries.
Menora Holdings is shown as beneficially associated with 2,732,924 shares (5.24%) of Kenon, using share counts dated May 7, 2026 and an outstanding base of 52,108,397 shares as of May 11, 2026. The filing attributes holdings to subsidiaries and notes economic interests held for third parties.
Because the position is disclosed on a Schedule 13G and is described as held through subsidiaries, this reads as a passive/ownership disclosure rather than an active control attempt; subsequent filings would show any change in intent.
Position size is modest relative to control thresholds but notable for disclosure.
The filing itemizes 2,432,440.11, 283,415.22, and 17,068.60 shares held by specific Menora entities, totaling 2,732,924 shares. Shared voting and dispositive powers are reported for these shares.
Shareholders and analysts typically note a >5% holder for potential engagement; however, no change-of-control language or plans are indicated in this excerpt.
Key Figures
Reported shares held:2,732,924 sharesPercent of class:5.24%Outstanding shares (base):52,108,397 shares+3 more
Percent of class5.24%Based on 52,108,397 shares outstanding as of May 11, 2026
Outstanding shares (base)52,108,397 sharesOutstanding share count used for percentage (as of May 11, 2026)
Subsidiary holding A2,432,440.11 sharesMenora Mivtachim Pensions and Gemel Ltd. (as of May 7, 2026)
Subsidiary holding B283,415.22 sharesMenora Mivtachim Insurance Ltd. (as of May 7, 2026)
Subsidiary holding C17,068.60 sharesMenora Mivtachim Vehistadrut Hamehandesim Nihul Kupot Gemel Ltd. (as of May 7, 2026)
Key Terms
Schedule 13G, beneficial ownership, shared dispositive power
3 terms
Schedule 13Gregulatory
"Schedule 13G appears as the filing type and indicates passive beneficial ownership"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
beneficial ownershipregulatory
"The securities reported herein are beneficially owned by Menora Holdings and by entities that are direct or indirect"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared dispositive powerfinancial
"Shared Dispositive Power 2,732,924.00 appears on the cover page"
What stake does Menora Holdings report in Kenon Holdings (KEN)?
Menora Holdings reports ownership of 2,732,924 shares, equal to 5.24% of Kenon’s outstanding shares. The percentage is based on 52,108,397 ordinary shares outstanding as of May 11, 2026, per the filing.
Which Menora entities hold shares of Kenon reported in the filing?
The filing lists holdings by Menora subsidiaries: 2,432,440.11 shares by Menora Mivtachim Pensions and Gemel, 283,415.22 by Menora Mivtachim Insurance, and 17,068.60 by another Menora entity. Totals sum to 2,732,924 shares.
Does Menora claim direct beneficial ownership of all reported Kenon shares?
No. The filing states some economic interests are held for insurance policyholders, account owners, or fund members, and Menora disclaims beneficial ownership beyond its pecuniary interest. Voting/dispositive powers are reported as shared.
What dates anchor the share counts and percentage in the filing?
Share holdings by the subsidiaries are shown as of May 7, 2026, and the outstanding share base used to compute 5.24% is reported as of May 11, 2026 in the filing excerpt.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Kenon Holdings Ltd.
(Name of Issuer)
Ordinary Shares, no par value
(Title of Class of Securities)
Y46717107
(CUSIP Number)
05/07/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
Y46717107
1
Names of Reporting Persons
MENORA MIVTACHIM HOLDINGS LTD.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ISRAEL
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,732,924.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,732,924.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,732,924.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.24 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With regard to rows (6), (8), (9) and (11), the beneficial ownership of the securities reported herein is described in Item 4(a).
Row (11) is Based on 52,108,397 Ordinary Shares outstanding as of May 11, 2026 (as reported on Bloomberg LP).
Address or principal business office or, if none, residence:
Menora Mivtachim Holdings Ltd. - Menora House, 23 Jabotinsky St., Ramat Gan 5251102, Israel
(c)
Citizenship:
Menora Mivtachim Holdings Ltd. - Israel
(d)
Title of class of securities:
Ordinary Shares, no par value
(e)
CUSIP Number(s):
Y46717107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See row 9 of cover page of each reporting person.
As of May 7, 2026, the securities reported herein were held as follows:
2,432,440.11 ordinary shares (representing 4.67% of the total ordinary shares outstanding) beneficially owned by Menora Mivtachim Pensions and Gemel Ltd.;
283,415.22 ordinary shares (representing 0.54% of the total ordinary shares outstanding) beneficially owned by Menora Mivtachim Insurance Ltd.;
17,068.60 ordinary shares (representing 0.03% of the total ordinary shares outstanding) beneficially owned by Menora Mivtachim Vehistadrut Hamehandesim Nihul Kupot Gemel Ltd.;
The securities reported herein are beneficially owned by Menora Mivtachim Holdings Ltd. ("Menora Holdings") and by entities that are direct or indirect, wholly-owned or majority-owned, subsidiaries of Menora Holdings (the "Subsidiaries"), such as 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. The economic interest or beneficial ownership in a portion of the securities covered by this report (including the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities) is held for the benefit of insurance policy holders, the owners of portfolio accounts, or the members of the provident funds or pension funds, as the case may be. 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.
(b)
Percent of class:
See row 11 of cover page of each reporting person
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See row 5 of cover page of each reporting person
(ii) Shared power to vote or to direct the vote:
See row 6 of cover page of each reporting person and note in Item 4(a) above
(iii) Sole power to dispose or to direct the disposition of:
See row 7 of cover page of each reporting person
(iv) Shared power to dispose or to direct the disposition of:
See row 8 of cover page of each reporting person and note in Item 4(a) above
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
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.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
