BUCHAREST (Romania), June 14 (SeeNews) – Romanian freight forwarder Transport Trade Services (TTS) started trading on the main regulated market of the Bucharest Stock Exchange (BVB) under the TTS ticker, the bourse said on Monday.
The listing of the company follows an initial public offering (IPO) through which TTS sold 50% of its shares for 288 million lei ($71 million/58.5 million euro), the bourse said in a press release.
“The experience of the public offer and the direct communication with the investors were beneficial for the company. After 2017, we restructured and improved the organization of the company with good results, marked by the growth and stabilization of the EBITDA. We are entering a new stage in the TTS journey, with responsibility towards all those who have chosen to invest in our plans,” TTS CEO Petru Stefanut said.
The company carried out an initial public offering from May 24 to June 4, through which its 14 shareholders sold proportionally 50% of the company’s share capital. All the shares were sold at 19.2 lei per share.
TTS president Alexandru Mircea Mihailescu remains the most important shareholder of the company, with a participation of 25.26%, according to the press release.
TTS, founded in 1997, is the parent company of TTS Group, a provider of integrated logistics services on the Danube. The group is active in nine countries in freight forwarding, inland waterway transport, port operations, as well as other related activities, covering over 100 ports and port terminals.
In 2020, TTS Group posted a net profit of 48 million lei, EBITDA of 114 million lei and total sales of 520 million lei.
As at 1341 CET on Monday, TTS shares traded at 20.9 lei on the BVB.
(1 euro=4.9188 lei)
