09:48 01.06.2016

Kernel buys subsidiary possessing group's head office for $9.1 mln

1 min read
Kernel buys subsidiary possessing group's head office for $9.1 mln

Kernel, a large Ukrainian agrarian group, during the three months ended 31 March 2016, the company acquired 100% of City Business Estate LLC. The acquired entity possesses the main headquarters building of the company located in Kyiv.

Kernel said in a financial report, on the date of the acquisition of the Subsidiary, the net assets were equal to the amount of cash consideration paid in the amount of $9.109 million.

According to the state register of companies, City Business Estate LLC was registered in 2010. The company provides leasing services.

Earlier Kernel Group via Kernel-Trade LLC (Kyiv) held 2.44% of the share capital of City Business Estate and 97.56% of the company belonged to Restomon Limited (British Virgin Islands). Andriy Verevsky was the ultimate beneficiary of City Business Estate.

Kernel is a vertically integrated company which has been operating in the Ukrainian agribusiness sector since 1994. The group produces sugar and sunflower oil, distributes bottled oil under the brand names Schedry Dar, Stozhar and Chumak Zolota, exports oil and grain and provides elevator storage services for grain and oilseeds.

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