Structure of Russian state Bank VTB bought the stake in Ukrainian agricultural holding Kernel in deep-sea terminal for transshipment of grain in Taman (Russia). About it reports RBC.
The Bank acquired 50% in Cyprus Taman Grain Terminal Holdings Ltd, which owns the terminal. The other 50% is left for the international trader Glencore. The amount of the transaction, VTB did not disclose.
That the Bank is negotiating the purchase of shares of the Kernel, it became known in April 2019. To close the deal, the Bank was calculated at the end of last year, but the parties could not agree on a price.
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In 2012, the terminal reported by the Kernel, cost $ 265 million. Based on current market rates for the transshipment of grain the cost of the entire terminal in Taman may be about 200-250 million dollars. Thus, over 50 per cent of VTB could pay 100-125 million dollars.
To seek a buyer for its stake in the grain terminal in Taman Kernel started in 2016. The sale was complicated by the fact that Ukrainian agricultural holding in 2018 were among the companies against which Russia imposed sanctions. Restrictions prohibiting, in particular, the withdrawal of capital abroad, in fact, led to the freezing of shares of the Kernel in the terminal Taman.
The deal has its risks. The account of the owner of the grain terminal – Cypriot Taman Grain Terminal Holdings Ltd is currently frozen by the Swiss court. The arrest was imposed, even when the terminal was an asset of the Ukrainian agricultural holding.
Ukrainian agricultural holding Kernel, Andrey Verevskiy 2012 owned 50% of the grain terminal in Taman. The holding has had a few oil extraction plants in Russia, and in 2012 the Kernel on an equal footing with international commodity trader Glencore has bought from EFCO for $ 265 million grain terminal in Taman with capacity of 3.5 million tons of grain a year.
After the occupation of Crimea and the outbreak of war Kernel decided to get rid of Russian assets. In 2016, as follows from the statements of the holding were sold to producers, and the intention to get rid of shares in grain terminal became known in 2017. In November 2018 Kernel under sanctions, which the Russian government imposed against Ukrainian companies.