ASF approves the start of the initial public offer for the listing of 28.5% of the capital of JT Grup Oil on the Bucharest Stock Exchange
The Financial Supervisory Authority (ASF) approved in the meeting on Wednesday, May 22, 2024, the Prospectus for the initial public offer for the sale of 10 million shares in order to list JT Grup Oil on the Multilateral Trading System of the Bucharest Stock Exchange, AeRO market.
The ten business day initial public offering will begin on May 28, 2024 and will run until June 10, 2024.
Company JT Grup Oil will issue 10,000,000 new ordinary shares as a result of the decision of the extraordinary general meeting of shareholders to increase the share capital. The value of a share based on the valuation report is 7.38 lei/share, and the offer price at which the shares will be traded is 6.50 lei per share. For submitted applications in the first five working days of the offer period, investors will benefit from a discount of 16% from the offer price and thus will be able to subscribe at the price of 5.46 lei/share.
The public offer is addressed to institutional and retail investors, the minimum investment being 300 shares. The allocation of shares will be done in the order of subscriptions, and in case of oversubscription, the allocation method will be "pro-rata". The prospectus submitted by JT Grup Oil, one of the most important companies operating on the fuel distribution market, can be consulted publicly on the company's website and on the BVB website.
The BSE listing will increase the share capital of JT Grup Oil by approximately 14 million euros, amount that the group will invest in new projects and technologies to make operations more efficient and in the development and expansion of the range of services.
The intermediary of the initial public offer is SSIF INTERDEALER CAPITAL INVEST SA With the opening of the public offer within the multilateral system operated by the Bucharest Stock Exchange, actions will be traded under the symbol "JTG".
"The approval of the Prospectus and the listing of JT Grup Oil on the Multilateral Trading System of the Bucharest Stock Exchange represents an important step towards consolidating our position on the market. By listing on the stock market, we will increase the share capital by approximately 14 million euros, an amount that we will allocate to the development of new business lines. pe in addition to the distribution of dividends in the form of cash, we also plan to distribute dividends in the form of free shares, if the performances recorded annually will allow us to do so.", points out Bogdan Aldea, President of the Board of Directors and General Manager of JT Grup Oil SA a
Steluța Lebidov, CFO, JT Gup Oil, adds: ”We invite investors to invest in a financially secure company with a forward-looking strategic vision. The solid results of the last ten years show a constant increase in turnover, from 136 million RON in 2014 to almost 300 million RON in 2023. Based on these figures, from 2025 our forecasts show an increase in the quantity sold from 50 thousand tons to 500 thousand tons annually, which will generate a multiplication of turnover approximately 10 times, from 300 million RON to approximately 3 billion RON. We also expect the profit to see a steady evolution given the ownership of our own terminal, which will be fully operational by the end of this year. The increase in profit to approximately RON 80 million will be generated by two additional sources of income, namely the services provided within JT Terminal and the trading activity on JT Grup Oil SA"
Currently, JT Grup Oil is developing JT Terminal, the newest terminal for liquid petroleum products on the Black Sea. The investment in this project amounts to 25 million euros and is fully financed from three sources: equity, credit line at Unicredit Bank in the amount of 9 million euros and a large infrastructure grant of 11.5 million euros.
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About JT Grup Oil SA
Currently, JT Grup Oil SA carries out fuel distribution operations in the South-East of Romania with the help of its own fleet of 11 tanks with a capacity of up to 40,000 liters, equipped with pumps and indicators for measuring the delivered quantity. For fuel distribution in the northern part of the country, the company has partnerships with representatives of the business environment, long-term collaborators.
In the last ten years, the company's profit was 51 million lei, reflecting a solid and sustainable financial performance. Also and the turnover of the last five years has registered a constant increase from 171 million lei in 2019 to 224 million lei in 2023, which demonstrates the company's ability to adapt to market demands, innovate and optimize its operations to drive continued growth and long-term success.
Founded in 2001, JT Grup Oil SA is one of the most important companies active in the fuel distribution market and the developer of the first private terminal for petroleum products in Romania in the port of Constanța. In 2004-2005, he built a bitumen terminal in Medgidia, which he sold shortly after receiving it, and the money obtained from the sale was invested in the development of the fuel distribution network. In 2008, the company began to develop the distribution network and introduced to the market more than 250 tanks equipped with pumps and level indicators. From 2023, JT Grup Oil SA diversified its range of products, and entered the segment of duty-free diesel fuel, which serves commercial vessels for the ports of Midia and Constanța.
