Towarzystwo Funduszy Inwestycyjnych PZU SA, an asset management company based in Poland, has acquired a 5.17% stake in Kernel Holding S.A., the holding company of the Kernel group, which is one of the largest agribusiness groups in Ukraine, the Interfax Ukraine news agency reports.

According to information from Kernel, TFI PZU SA now owns 4,119,128 shares in Kernel Holding S.A., which represents 5.17% of its share capital, as a result of acquisition of new shares on the Warsaw Stock Exchange on Wednesday, 20 June 2016. According to the Warsaw Stock Exchange, Kernel Holding S.A. had 79, 683,410 shares in circulation as of 22 June 2016.

The cost of the shares was not disclosed.

The group reported a net profit of USD 106.9 million for fiscal year 2015 (July 2014-June 2015) compared to a net loss of USD 98.3 million in fiscal year 2014. Its revenues declined by 3% to USD 2.33 billion and its EBITDA increased by 78% to USD 396.6 million.

Kernel is the world's largest producer and exporter of sunflower oil and one of the leading manufacturers and suppliers of agricultural products from the Black Sea region to world markets. The company also provides services involving storage and handling of grain in elevators and port terminals. Kernel accounts for about 8% of the world’s production of sunflower oil. The company exports its products to more than 60 countries. It has a refining capacity of 3 million tons of sunflower seeds per year, which allows it to produce 1.3 million tons of sunflower oil and about 1.2 million tons of sunflower meal.

The company listed on the Warsaw Stock Exchange in 2007.