♦ The company is selling 28.5% of the capital ♦ The offer could take place after the Easter holidays ♦ The debut on the BVB would bring an addition of 12-14 million euros to the existing capitalization, says the majority shareholder ♦ The money raised will be used to finance development efforts ♦ The group aims to distribute dividends and possibly free shares.
The fuel distribution company JT Grup Oil, which recently completed the first stage of development of a 25 million euro oil products terminal, is preparing to launch an initial public offering (IPO) in the next period, which would be concluded later with a listing on the AeRO market of the Bucharest Stock Exchange, says Jean Paul Tucan, majority shareholder in the company based in Năvodari.
“The company’s shareholders decided to increase the share capital by issuing a number of 10 million new shares, with a nominal value of 1 leu, shares that will be made available to the public through an initial public offer, followed by admission to trading of the company’s shares on the Multilateral Trading System, on the AeRO market of the BVB”, said Jean Paul Tucan, guest on the ZF Deschiderea de Today show.
Established 23 years ago, JT Grup Oil carries out fuel distribution operations in the south-eastern area of Romania with 11 tankers. In 2004, the company built a bitumen terminal in Medgidia, which it sold shortly after the reception, and the money obtained from the sale was invested in the development of the fuel distribution network, according to a press release.
“Through this operation of attracting capital from investors, we want to give the public 28.5% of the company’s share capital. (…) We understood from the beginning that the listing is an extremely complex and challenging process for shareholders and all parties involved in the process”, continues Jean Paul Tucan.
Since 2023, JT Grup Oil has diversified its range of products and entered the excise-free diesel segment, which serves commercial vessels for the ports of Midia and Constanta. Previously, the company was transformed from a limited liability company (SRL) into a joint-stock company (SA), with discussions regarding the listing on the BVB starting as early as autumn 2021.
“The intermediary is Interdealer Capital Invest, the broker that has assisted us from the very beginning, since 2021, throughout this complex process, including choosing the moment of the IPO. Currently, the offer prospectus is at the ASF for authorization. We estimate that the offer will take place in the period immediately following the Easter holidays.” JT Grup Oil owns 253 on-site stations, equipped with mechanical pumps with increased flow or with pumps with management systems, with decanter filters, gas evacuation systems , sealing systems and level indicators, write the company representatives.
In the future, the group plans to increase the number of tankers to over 20 and develop the distribution network.
“(I would debut at the BVB – n. ed.) with approximately 12-14 million euros more than the existing capitalization. We also have bank financing and non-refundable funds that entered the company, and now we want an infusion of capital from the free market”, says the majority shareholder.
Through the dividend policy, JT aims at a balanced distribution of the net result, meeting both the expectations of the shareholders and the development needs of the company, says Jean Paul Tucan.
In 2023, the company had a turnover of 224.4 million lei, from 301.65 million in the previous year. Last year’s net profit reached 5.7 million, from 6.3 million lei in 2022, according to data from the Ministry of Finance.
“In addition to the distribution of dividends in the form of cash, we plan, if the performances recorded annually allow it, to distribute the dividends in the form of free shares”, said the representative of JT Grup Oil for ZF.
What else Jean Paul Tucan said:
► JT Grup Oil is a company established in 2001 and mainly deals with fuel distribution, fuel import and other related activities. We have a turnover in the last three years of almost one billion lei, an increasing profit from year to year and an increase in the material base. The company was transformed three years ago from SRL to SA, precisely for the reason of growing the company and going to the capital market, taking us there with the current investments we have.
► (Terminal – no) is an extremely large and ambitious project, we want to complete it this year, to put it into operation. JT Terminal is the newest terminal for liquid petroleum products on the Black Sea.
► After it is completed, JT Terminal will operate specific products such as biodiesel diesel, bitumen and other products, with the final aim of distributing them on the domestic market, i.e. the main object of the company’s activity, or externally. Due to the impressive storage capacities of the terminal, we are talking about a total of almost 32,000 tons, a capacity divided into eight large tanks.
► JT will increase the amount of fuel imported on the Romanian market, as well as the fuel distribution capacity (…) The terminal is an investment of 25 million euros, it is a strategic project for Romania, first of all.
► I accessed a large infrastructure grant of 11.5 million euros, the difference in money was paid by the company, to which is added a credit line from UniCredit of 9 million euros.
► We have a well-defined operational model and we are currently investing in our own Black Sea terminal. From here, things start to cascade, the terminal will provide the necessary infrastructure to achieve our goals, and therefore we decided to open the company to investors through this IPO, which will provide us with additional capital to finance our development plans.
► The listing will increase the notoriety and visibility of the company among our customers and business partners, it will strengthen the confidence of investors
► We attracted everything we could attract and we want the money we get from the IPO to be a co-financing for the rest of the resources we already have at our disposal. We make it clear that we have 100% of the money to finish the investment in the port of Constanta.
► Through this terminal, we want to cover about half of the deficit of liquid products, diesel in Romania, which is currently around 25 million tons.
► It is a project that will generate a turnover maybe ten times higher, because today we have a deficit and we cannot find fuels to distribute.
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