Kernel says four minority shareholders challenge Luxembourg regulator's 19.93 zloty sell-out price

Kernel Holding said on Monday that four minority shareholders challenged the Luxembourg regulator CSSF's decision setting a mandatory sell-out price of 19.93 zlotys per share, The future of trading reported. The applications seek annulment and suspension of the CSSF decision.

Kernel's Challenge to the CSSF Sell-Out Decision

The company said the applications seek annulment and suspension of the CSSF decision on the mandatory sell-out price. A suspension, if granted, may affect the timetable and financial terms of the sell-out, according to the company.

Kernel said no claims were made against the company or majority shareholder Namsen in the court cases. A Luxembourg court hearing on suspension of the CSSF decision is scheduled for October 26.

The mandatory sell-out proceeding continues unless suspended, with final settlement expected on January 4, 2027, the company said.

Kernel is a Ukrainian grains and sunflower oil producer, according to company records. The company was founded in 1995 and is headquartered in Kyiv, with Andrii Verevskyi as chairman of the board of directors and Yevgen Osypov as chief executive officer.

Kernel's Funding and Land Position

Kernel's funding records show four rounds, including a post-IPO debt of $116.7 million in August 2026 led by the Export and Investment Fund, a post-IPO debt of $45 million in April 2026 led by the European Bank for Reconstruction and Development, a post-IPO debt of $77 million in December 2025 led by Oschadbank, and a post-IPO debt of $150 million in October 2024 with three investors, according to akta.pro company records.

The same records list fiscal year 2024-2025 revenue of $4.1 billion, up 15% year over year, and net profit of $238 million, up 42% year over year. Kernel cultivates 530,000 hectares of agricultural land in Ukraine.

Kernel's Recent Grain and Energy Moves

Kernel reported fiscal 2026 revenue of $4.4 billion, up 7% year on year, and EBITDA of $558 million, up 20%, World-grain reported in October 2026. Crop production rose 43% to 2.3 million tonnes, while oilseed processing fell 8% due to a record-low sunflower harvest.

In September 2026, Kernel and the EBRD signed a €1 million grant to train technical specialists and modernize production infrastructure, Inventure reported. Kernel also signed a €100 million loan with EIFO to build its first wind power plant in central Ukraine, a 94.5 MW facility using 21 Vestas turbines and battery storage, Kyiv Post reported.

What Comes Next for the Sell-Out

The Luxembourg court hearing on suspension is scheduled for October 26. Final settlement of the sell-out is expected on January 4, 2027, unless the proceeding is suspended.