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Kernel considers delisting from WSE on no benefits
7 March 2023, 11:19
Kernel Holding S.A. may be delisted from the Warsaw Stock Exchange as its IPO back in 2007 brought the company no benefits. The relevant letter was sent to the Board of Directors by Namsen Limited, the largest shareholder of Kernel.
Namsen Limited is controlled by Andrii Verevskyi, Kernel Holding S.A.’s chairman of the Board of Directors.
"As majority shareholder, have come to the conclusion that the disadvantages, from a strategic, commercial and cost perspective, resulting from the listing of the Company's shares on Warsaw Stock Exchange outweigh the relative advantages of being a public traded company," Namsen Limited states in a letter on the delisting.
It is marked that the status of a non-public private company will allow Kernel to be more flexible and its management to make decisions faster and more efficiently.
The concentration of more than 50% of the company's shares by Andrii Verevskyi reflects his intention to strengthen control over the company and avoid corporate risks. In April 2022, he bought 134 thou. ha of farmland from Kernel. The transaction is to be finalized in March 2023.
