Ukraine’s largest agricultural holding pulls out of Warsaw Stock Exchange
Ukraine's largest agricultural holding has applied to Poland’s financial supervisory authority for delisting, meaning the termination of free trading on the Warsaw stock exchange, it said in a statement.
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Kernel Holding explained that it had filed for delisting because it no longer sees any benefits in trading all of its 84 million shares on the Warsaw Stock Exchange.
"The application was filed in accordance with the decision of the company’s board of 13 April 2023 to exclude the company’s shares from trading on the regulated market of the Warsaw Stock Exchange," the statement reads.
Namsen Limited, which is Kernel’s largest shareholder, claimed that the listing in 2007 had not brought the expected benefits to the agricultural holding.
Following the announcement of its intention to delist, Namsen Limited began to buy back shares from other minority shareholders, increasing its stake to 80 percent of the voting rights.
Kernel is Ukraine's largest producer and exporter of sunflower oil, a key supplier of agricultural products from the Black Sea region to the world markets, exporting to more than 80 countries. The company's land bank totalled almost 510,000 hectares.
The largest shareholder of Kernel. is Ukrainian businessman Andriy Verevskyi, which holds its stake through Namsen Ltd.
In early 2023, Kernel was reported to have bought a sunflower oil transshipment terminal at the Pivdennyi port near Odesa.