News
13.05.2012
Kernel buys Stiomi-Holding
Kernel Holding S.A. entered into a call option agreement to purchase a 100% interest in two farming companies, one which manages 79,200 ha of leasehold farmland in the Khmelnitsk region (Stiomi-Holding: grains and oilseeds, flour an bakery producer) and the other which manages 40,000 ha of leasehold farmland in the Poltava region.
These new agri companies will expand the total farm land under management to 330,000 ha,along with an additional 325,000 tons of grain storage capacity, bringing Kernel's total grain storage capacity to over 2.7 million tons.
Subject to approval by the Antimonopoly Committee of Ukraine, Kernel will pay USD98 million for the farmland leasehold rights, storage capacities, machinery and working capital, of which USD61 million will be paid at closing and the remaining USD 37 million upon achievement of post-completion sellers’ obligations.
