Kernel buys back 3.84% of its shares

KYIV. Sept 27 (Interfax-Ukraine) – Etrecom Investments Limited (Cyprus), a subsidiary of Kernel agricultural holding, has bought back 3.227 million of Kernel shares at a price of PLN60/share for a total amount of PLN193.62 million (about $ 49.3 million at the current exchange rate), the agricultural holding said on the Warsaw Stock Exchange (WSE).

"The purchased shares account for 3.84% of the charter capital of the company and 3.84% of the voting shares at a general meeting of shareholders. The shares will be retained by the buyer without voting rights or rights to receive dividends until the board of directors makes a final decision regarding the purpose of the purchased shares," Kernel said.

The company clarified that the payment for the buyback was carried out by the brokerage house IPOPEMA Securities S.A.

As reported, in early September, Kernel announced its intention to buy back through its subsidiary up to 3,872,400 of its own shares at a price not lower than PLN50 and not higher than PLN65. Acceptance of offers for sale began on September 8 and lasted until September 15, after the end of this period, the shares rose in price to PLN63.3 per share.

Kernel is a large producer and exporter of sunflower oil, operating in the production, export and domestic sales of sunflower oil, crop production, export of grain crops, provision of services for storage and transshipment of grain at elevators and port terminals.