Kernel Holding SA, combining the assets of one of the largest operators in the grain and plant oil market of Ukraine, Kernel Group holding (Kyiv), has drawn 399.4 million zloty ($140.362 million) from the placement of its shares on the Warsaw Stock Exchange.

According to the company, 5.4 million shares were placed at a price of 74 zlotys.

Kernel Group finished the 2009/2010 marketing year with a net income of $152.964 million (unaudited).

As reported, on March 30, Kernel unexpectedly announced the intention to issue new shares for institutional investors under an accelerated bid book.

Among the nearest plans of the agricultural holding there is acquisition of approximately 150,000 hectares of land, which the company estimates at approximately $170 million. Such costs must be partly covered with proceeds from the additional issue.

Kernel Group includes Poltava oil extraction plant, Prykolotniansky and Volchansky oil extraction plants (both in Kharkiv region, eastern Ukraine), elevators with a capacity of 2.2 million tons, as well as agribusinesses holding on lease 84,500 hectares of farmland.

Kernel Group enterprises make products under the Schedry Dar, Stozhar, Lyubonka and Chumak brands.

UKRINFORM