Antimonopoly Committee of Ukraine allowed Kernel to proceed with the purchasing of companies
2012-05-14 12:35:49
Antimonopoly Committee of Ukraine allowed Kernel Group to proceed with the transaction announced earlier this month regarding purchase of 4 agricultural companies though its own companies Restomon Limited и Jerste B.V. according to the announcement made by the group itself late Friday. Restomon Limited will purchase more than 50% of the “Sluch Agro”, located in Khmelnitska oblast and Jerste B.V.will buy more than 50% of the stock of “Enselko Agro” in Khmelnitska oblast, “Niva Vesnyana” and “Niva Berezneguvatoye”, both located in Sumskaya oblast. Potential value of the deal is measured at USD 98 M. The transaction will result in increase of the company’s land bank to 330 K hectares and grain storage capacities will increase to 2.7 M tons.
AgroInvest comment: We expect that the funds already attracted by Kernel with the total value of USD 125 M will be used for this transaction. Increase of the land bank and storage capacities is in line with the company’s strategy for 2012 and will improve its logistics and production capabilities.
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