Kernel divested its stake in Taman Grain Terminal to VTB Group

Kernel Holding S.A. divested its 50% stake in Taman Grain Terminal Holdings Limited, a joint venture owing 100% interest in a deepwater grain export terminal in Taman port, Russia. VTB Group acquired Kernel's stake through its subsidiary, LLC Demetra-Holding.

The consideration for the sale of shares is EUR 61 mln paid in cash.

Pursuant to the company's report, Kernel has not been involved in grain marketing operations in Russia since 2017, assigning its transshipment quota in the Taman terminal to a third party.

Glencore owns another 50% stake in Taman Grain Terminal Holdings Ltd.

Note: in September 2012, Kernel and Glencore acquired 100% of the shares in the deepwater grain terminal in Taman port from the EFKO Group (mayonnaise and Sloboda sunflower oil producer). At the time of the transaction, the terminal value was estimated at USD 265 mln, pursuant to the Kernel report. In 2018, Kernel assigned its transshipment quota in the Taman facility to the 3rd party.

Latifundist.com