Andriy Verevsky's Kernel in the running for $80 million EBRD loan

Photo: UNIAN

Photo: UNIAN

The European Bank for Reconstruction and Development (EBRD) may to lend up to $80 million to the Kernel agricultural group to finance the harvesting, storage, transportation and sale of grain for export, the Kyiv-based Interfax-Ukraine news agency has reported.

The total cost of the project is $300 million.

Final word on the credit is expected on September 4, 2019. For now, the project is under consideration.

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And as part of another project, the EBRD can allocate up to $80 million to Kernel to fund working capital of the company related to the purchase, processing, transportation of oilseeds and vegetable oil products, as well as sales for export. The cost of the whole package is almost $400 million.

Kernel is the largest producer and exporter of sunflower oil and agricultural products from the Black Sea region to the world markets in Ukraine and in the world.

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The largest shareholder of the company through Namsen LTD is Andriy Verevsky, who in October-December 2017 increased his stake from 38.13% to 39.47%.

Kernel made $ 6 million in net profit in the third quarter of fiscal year 2019, and posted a net loss of $39 million in the same period last year.

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