Astarta will purchase sugar production plant from Kernel

05.08.2013

According to the official statement released by Astarta on Warsaw Stock Exchange, Astarta agro holding was granted permission by Antimonopoly Committee of Ukraine to acquired Orzhitskiy Sugar Plant from Kernel. Company is currently in the process of closing the deal with Kernel as it is expected to be completed in the nearest future. There was no official price announced in the statement, however different sources give USD 10-12 million.

UkrAgroConsult comment: Kernel made a decision to exit sugar production business in fall last year, while Astarta stated that the company will continue growing its share in sugar production market last year as well. Sugar price has seen 19.8% decline over the past year to USD 490 per ton. Kernel stock was the best performing one on Friday trading session.    

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