Ukraine's Anti-monopoly Committee clears Verevsky's Namsen to up stake in Kernel to more than 50%

MOSCOW. Feb 13 (Interfax) - The Anti-monopoly Committee of Ukraine (AMCU) has cleared the Cyprus-registered Namsen Limited, controlled by Andrei Verevsky, chairman of the board of directors of the Kernel agricultural group, to increase his stake in the Luxembourg-registered Kernel Holding S.A. to more than 50% from 39.3%, Ukrainian media reported, quoting a statement posted on the regulator's website.

The AMCU did not clarify any other details about the transaction.

According to Warsaw Stock Exchange data, Verevsky's Namsen Limited currently owns 39.27% of Kernel Holding S.A, 5.01% is owned by Kopernik Global Investors LLC and the other 55.7% by other investors.

Kernel, Ukraine's largest producer and exporter of sunflower oil, swung to a consolidated net loss of $41 million for the financial year ended June 2022, from profit of $506 million a year previously. Revenue decreased 5% to $5.332 billion, gross profit 28% to $652 million, operating profit 86.8% to $91 million and EBITDA 72.2% to $220 million.