13 July 2017
According to the statement on official web-site of Kernel, it concluded acquisition of 100% in Agro Invest Ukraine – Ukrainian subsidiary of MK Group (Serbian holding owned by Miodrag Kostich).
Main assets of Agro Invest Ukraine have been land bank of 27.5k ha and storage facilities with total capacity of 170k tons.
Kernel paid for new acquisition cash in amount of USD 43.3M (plus Agro Invest Ukraine had positive net working capital less net debt in excess of US$4 million).
As a reminder in June Kernel completed the acquisition of UAI with more than 190,000 hectares of leasehold farmland and approximately 200,000 tons of grain storage capacity under management. With the acquisition of Ukrainian Agrarian Investments (UAI) and Agro Invest Ukraine, Kernel completes the farmland bank expansion strategy announced last year. Current land bank of the group is slightly more than 600k ha.