Kernel sells its stake in Taman grain terminal

Ukraine’s largest sunflower oil producer Kernel (KER PW,
KERPW) divested its 50% stake in its Russian grain terminal Taman, according to
a company statement released on Mar. 23. The consideration for the sale of the
stake was EUR 61 mln (or about USD 65 mln). Kernel said it hasn’t been involved
in operations in Russia since 2017 and its transshipment quota in the Taman
terminal was assigned to a third party. The buyer of the stake is a subsidiary
of Russian-owned VTB Bank, the bank reported this morning.

Andriy Perederey: By divesting its share in the Taman terminal, Kernel has finalized its
exit from its assets located in Russia. In our view, the sale is positive for
Kernel’s operations as the Russian-based asset didn’t provide grain flow for
the company.