The agro-industrial conglomerate Trans-Oil Group, one of the largest players in the Black Sea region, with a focus on the Republic of Moldova but also active in Romania, Serbia, Turkey, and Asia, is analysing a possible listing on the Bucharest Stock Exchange as part of its strategy to diversify its financing sources, according to Ziarul Financiar.
The company is controlled by Vaja Jhasi, of Georgian origin but holding multiple passports, including a Moldovan one.
The group is in talks with Swiss Capital, the largest local intermediary, along with some of the largest international investment banks, to evaluate financing options, including through an initial public offering (IPO).
If the transaction were to materialise, it would be the largest entrepreneurial listing in the history of the Romanian stock exchange, bringing to the attention of local investors an integrated business in the agro-industrial sector, with consolidated revenues of USD 2.2 billion in 2024 and an EBITDA of USD 212 million.
Trans-Oil’s parent company, Cyprus-based Aragvi Holding, has already issued FX bonds of millions of hundreds of dollars and is rated by the major rating agencies.
International rating agency Fitch has upgraded Aragvi Holding International Limited’s (Trans-Oil) long-term foreign and domestic debt rating by one notch from B to B+ and confirmed the stable outlook in February 2024.
Fitch calculates Trans-Oil’s Ebitda at above USD 180 millionn over FY24-FY27, up from USD 94 million in FY20, which firmly positions Trans-Oil among the largest sunflower producers and commodities traders in Eastern Europe.
Fitch said Trans-Oil compares well with Ukrainian sunflower seed crusher and grain trader Kernel Holding due to the similarity of their operations and vertically integrated models, which include sizeable logistics and infrastructure assets.
Kernel’s CC individual default rating (IDR) reflects heightened operational and financial risks since Ukraine’s military invasion by Russia, the rating agency explained.
Recently, Trans-Oil added a new section dedicated to investors, accessible only with an account and password, but it freely published a financial presentation dated October 2025, in which it explicitly mentions the evaluation of several financing options, including through the capital market.
“The company, together with its shareholders, is currently analysing strategic alternatives to support Trans-Oil’s future growth, including capital market transactions, such as a possible initial public offering of the company’s shares on a regulated market.” BVB is being considered.
iulian@romania-insider.com
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