Inspiring Investments in Ukrainian Grain Odessa Terminal 

Argentem Creek completed a placement of a $75 million USD investment in December 2019 in to GN Terminals to partner with the management and to strengthen corporate governance and transparency.  As part of this effort, the company has formed a board of directors including the management and two independent directors, Bohdan Chomiak and Oleksiy Pavlenko.  The company is also undertaking a restructuring process which will simplify the structure and further improve transparency. GN Terminals is focused on becoming the most transparent and well-run port on the Black Sea. 

Dusan Denic, GN Terminals Chief Financial Officer said, "we expect these corporate governance improvements combined with our balance sheet positioning as we head into the new season will enable us to grow throughput at our Odesa terminal and continue to develop our business". This placement has allowed the Group to buy-out its minority partner CHS Inc., and to acquire a 100% stake in one of the most technologically advanced import/export Port Terminals in Ukraine, located in the Port of Odessa, as well as to consolidate all Group assets.

The placement was obtained from a leading U.S. based Emerging Markets specialist investor, Argentem Creek Partners LP, headquartered in New York.  John Patton, MD in the London office of Argentem Creek said, “we are very pleased to work together with the GN Terminals team to support the development of the company and their strategic ports assets.  We are excited about the outlook for Ukraine, Ukrainian agriculture and Ukraine’s place in the world as an export powerhouse for soft commodities.  Further we are particularly positive about the strategy of the owners of GN Terminals around improving governance and transparency. Now supported by Mr. Chomiak and Mr. Pavelenko’s roles as newly appointed board members, we strongly believe these initiatives enhance value for all stakeholders and are pleased to bring our expertise in this area and long experience in Ukraine to partner with GNT in these efforts.”

GN Terminals is a privately owned Ukrainian grain handling and trading company that ranks in the top ten exporters.  The company is the largest operator in the port of Odesa and has inland storage and origination assets.  "We strongly believe in the growth opportunities of this unique company. Our primary task was to implement best-practice international standards at the executive level with the creation of a corporate board to oversee legal and corporate reforms, allowing for the company to create better visibility on international markets" said John Patton, CFO of Argentem Creek Partners LP.  The company is focused on growing its origination and Odesa throughput, with a goal of breaking in to the top five market payers by 2021.

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