Kernel intends to buy back up to 19.2 mln shares for $250 mln
Kernel Holding S.A. (Luxembourg), the holding company of Kernel agroindustrial group, at an extraordinary meeting on August 30 intends to obtain permission from its shareholders to buy back up to 19.2 million of its shares for $250 million, while the purchase price of shares must be no less than PLN50 and no more than PLN65.
According to the company's statement, posted on the Warsaw Stock Exchange's website, the company plans to buy back its shares within two years.
Kernel notes that it plans to invite the shareholders to approve this decision, as the company and its subsidiaries have accumulated significant liquidity and do not have any attractive new investment opportunities in the short term. The agricultural holding clarified that the ratio of its net debt to EBITDA as of March 31, 2021 at 1.4x is at a comfortable level.