Kernel has been listed on the Warsaw Stock Exchange only recently. It the IPO conducted in November, the company raised over PLN 400m (EUR 112.9m). But it needs new funds. The offer directed to qualified investors should raise USD 80m to be spent to develop business in Ukraine.
“We want to increase our farms. Today, we manage 56,000 ha of land, which should grow to 150,000 ha at the end of this year and 250,000 ha at the end of 2009”, Patrick Conrad, investor relations director of the Ukraine’s leading sunflower oil producer said.
The book building will end on Thursday, the issue price will be published on Friday. The newly issued shares won’t exceed 10 percent of the capital. The offer is directed to qualified investors and those paying a stake worth at least EUR 50,000. Andriey Verevskiy, Kernel CEO and biggest shareholder, will take part in the offer and invest USD 10m.
(PLN 1 = EUR 0.282)