This information was published by Romanian publication Ziarul Financiar. The company is controlled by Vazha Jashi, a Georgian by origin, who holds several passports, including Moldovan.
The group is in talks with Swiss Capital, the largest local intermediary, as well as some international investment banks, to evaluate financing options, including through an initial public offering (IPO).
If the deal goes through, it would be the largest corporate listing in the history of the Romanian stock exchange, bringing to the attention of local investors an integrated business in the agribusiness sector with consolidated revenues of $2.2 billion in 2024 and EBITDA of $212 million.
Trans-Oil’s parent company, Cyprus-based Aragvi Holding, has already issued hundreds of millions of dollars in foreign currency bonds and is rated by leading rating agencies.
International rating agency Fitch upgraded the long-term external and domestic debt rating of Aragvi Holding International Limited (Trans-Oil) by one notch from B to B+ and confirmed a stable outlook in February 2024.
Fitch expects Trans-Oil’s EBITDA to exceed $180 million for fiscal years 2024-2027, up from $94 million in fiscal 2020. This firmly positions Trans-Oil among the largest sunflower producers and commodity traders in Eastern Europe.
Fitch notes that Trans-Oil compares favorably with Ukrainian sunflower seed producer and grain trader Kernel Holding due to the similarity of their operations and vertically integrated models that include significant logistics and infrastructure assets.
Trans-Oil recently added a new section for investors, accessible only with an account and password. However, the company has made publicly available an October 2025 financial presentation that explicitly mentions evaluating several financing options, including through the capital markets.
“The company, together with its shareholders, is currently analyzing 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. The BVB option is being considered,” the presentation said.
