SeenewsSeenews
Search
Seenews
AlertsSeenewsSeenews
Searchclose
TOPICS
arrow
COUNTRIES
arrow
INDUSTRY
arrow
Economy
arrow
Browse Economy
Mix and match your focus countries with our advanced search
Latest in Economy
Investments
arrow
Browse Investments
Mix and match your focus countries with our advanced search
Deals
arrow
Browse Deals
Mix and match your focus countries with our advanced search
SEE TOP 100
arrow
Browse SEE TOP 100
Tech
arrow
Browse Tech
Mix and match your focus countries with our advanced search
Green
arrow
Browse Green
Mix and match your focus countries with our advanced search
0/5
You have 5 free articles left this month
You have 0/5 free articles
Get your free Basic subscription now and gain instant access to more
SIGN UP
arrow
LOGIN
arrow

Romania's ASF approves JT Grup Oil's IPO prospectus

May 24, 2024, 4:26:35 PMArticle by Alexandru Cristea
share
May 24 (SeeNews) -

Romania's ASF approves JT Grup Oil's IPO prospectus
Aerial view of JT Grup Oil's JT Terminal oil terminal Source: JT Grup Oil

Romania's financial supervision authority, ASF, has approved the prospectus for an initial public offering (IPO) of local fuel distribution company JT Grup Oil, the issuer said on Friday.

The IPO of 10,000,000 new ordinary shares will take place during May 28 - June 10, JT Grup Oil said in a press release.

The price in the IPO has been set at 6.5 lei ($1.41/1.31 euro) per share. Investors who subscribe during the first five business days of the IPO process will get a 16% discount, paying 5.46 lei per share.

The offering, which is aimed at both retail and institutional investors, will require a minimum subscription of 300 shares. The shares will be allotted in the order of subscription. In the case of oversubscription, they will be allotted on the pro-rata basis.

Following a successful completion of the IPO, the company's social capital would rise by around 14 million euro, which represents an increase of 28.5%, the company said. JT Grup Oil will invest the proceeds in new projects and technologies, meant to improve the efficiency of its operations, and in expansion of its range of services.

In addition to the distribution of cash dividend the company plans to distribute dividend in the form of free shares, if its annual results allow it to do so, said Bogdan Aldea, JT Grup Oil director general.

In 2023 fiscal year, the company booked a net profit of 5.7 million lei on revenue of 224.4 million lei.

The company is currently developing its JT Terminal project, the first private oil terminal in Romania to be built in the last 50 years, worth 25 million euro.

(1 euro=4.9744 lei)

Your complete guide to the emerging economies of Southeast Europe. From latest news to bespoke research – the big picture at the tip of your fingers.