Kernel subsidiary signs USD 15 mln pact to finance equipment lease

An unnamed subsidiary of Kernel Group’s (KER PW: N/R) signed an agreement with an undisclosed European bank for USD 15 mln in financing over four years to lease agricultural equipment, according to Interfax. Anna Dudchenko: This is in line with Kernel’s plan, as the equipment will help to manage and farm up to 250 ths ha of land in Ukraine by 2010 (currently the company has 56.4 ths ha under lease). Kernel has previously stated intentions to invest USD 170 mln in agriculture in 2008. In March, Kernel Group raised USD 84 mln from a new share offering: proceeds were planned to be used on farming development projects.