Kernel to challenge the arbitral decision regarding Stiomi Holding acquisition

The Kernel company is set to challenge the arbitral decision regarding Stiomi Holding acquisition in the  High Court in London.

According to the company's latest report, in early March 2018, Kernel received the decision on the arbitration proceedings regarding the purchase of Stiomi Holding in April 2012. That decision is subject to challenge in the High Court in London.

As of 30 June 2018, the consideration paid for Stiomi Holding by the Kernel Group comprised USD 33,472 thou. A final payment was due and payable only after fulfilment of certain conditions to the satisfaction of the Group and subject to rights of set-off in respect of claims against the sellers.

Previously it was reported that in FY 2018 (July 2017–June 2018), Kernel reduced the net profit attributable to equity holders of the company by 71.% to USD 52.1 million.