MOSCOW, Mar 23 (PRIME) -- Russia’s second largest bank VTB has acquired a 50% stake in the grain terminal Taman from Ukrainian agricultural holding Kernel Holdings, the bank said in a statement on Monday without disclosing the amount of the deal.
“Demetra-Holding, part of VTB Group, has acquired a 50% stake in Taman Grain Terminal Holdings Limited, the owner of 100% in Grain Terminal Complex Taman – a deep-sea specialized terminal for grain handling. Demetra-Holding acquired the stake from Ukrainian agricultural holding Kernel Holdings S.A.,” the statement read.
Glencore Agriculture owns the other 50% in the terminal through Renaisco B.V.
“In the framework of VTB strategy on the grain market, the deal would ensure significant synergy with the existing VTB group assets in the sphere of infrastructure, logistics, and exports of grain through optimization of technological and business processes,” the bank said quoting First Deputy CEO Yury Solovyov.
VTB CEO Andrei Kostin said in September 2019 that the bank planned to create and develop a united grain holding that would improve competition and infrastructure in the industry. Besides the stakes in United Grain Company and Novorossiysk Grain Terminal, the bank has stakes in Novorossiysk Grain Plant, railway holding Rustranskom, and grain trader Mirogroup Resources.
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