Translux Limited, a Dubai International Financial Centre (DIFC)-registered marine bunkering company, has entered the final stage of documentation in preparation for its planned listing of USD-denominated bonds on the Astana International Exchange (AIX). The three-year issuance will feature a 14% annual coupon and represents an important milestone in the company’s structured approach to capital markets financing and building a public track record, as part of preparations for a potential IPO in the coming years.
With more than 20 years of operating history, Translux is one of the longest-established companies within DIFC. Throughout its history, Translux has remained profitable and has no record of default or non-performance. At peak periods, the company’s business turnover reached USD 250 million. Historically, the company expanded through bank financing across its regions of operation, while the current issuance signals a transition toward a more public model of engagement with investors and capital markets.
The bonds will carry a 14% annual coupon with quarterly payments and will include annual put and call options after the first and second year of circulation, providing flexibility for both investors and the issuer. The issuance is aimed at a broad investor base and is expected to involve maximum disclosure standards and compliance procedures.
The bonds are expected to be admitted to listing and trading on AIX within the Astana International Financial Centre (AIFC), which operates under an English common law framework.
Velar Capitals, an expert in IPO and pre-IPO markets, acts as the financial engineer and international arranger of the transaction, supporting the company through a consistent equity journey strategy toward public markets. The bond issuance is viewed as a step toward a potential IPO and the creation of an institutional track record. Teniz Capital Investment Banking serves as lead manager and underwriter, overseeing structuring, coordination with regulators, investor engagement, and listing procedures.
Why AIX?
The choice of AIX reflects a strategic alignment between jurisdictional efficiency and investor access. The exchange provides exposure to a growing base of institutional and qualified investors in Kazakhstan and Central Asia, many of whom are actively seeking instruments denominated in US dollars.
Operating under AIFC’s English law framework, AIX offers international regulatory standards and infrastructure tailored for cross-border capital markets activity. In addition, this structure enables a potential dual listing on the Abu Dhabi Securities Exchange (ADX) and broader regional distribution through platforms such as Tabadul, increasing the geographic reach of the issuance.
This cross-border configuration combines the corporate and legal environment of DIFC in the UAE with Kazakhstan’s capital markets infrastructure, forming a financial bridge between the Gulf region and Central Asia.
About Translux Limited
Translux Limited is a company with more than two decades of history, operating in marine bunkering (fueling vessels at sea) and trading petroleum products. Translux’s business model is built on purchasing fuel in bulk from major international players such as British Petroleum and other global suppliers, and then reselling it to international shipping lines and major blue-chip clients. The company uses hedging instruments, reducing the sensitivity of financial performance to global oil price fluctuations. Economically, the model resembles high-margin retail fuel sales supported by wholesale procurement.
The company operates in the tanker bunkering services segment, supplying marine fuel to international shipping lines and commodity traders.
Its counterparties include global energy and trading firms such as BP, Vitol, and Monjasa, as well as major container lines including MSC and Maersk. The company reports average annual revenue of approximately USD 120 million and average annual net profit of around USD 7.5 million, supported by more than 20 years of audited financial statements and no defaults. Translux is registered in DIFC and operates under its regulatory framework. The company’s financial statements are audited by Kreston Menon.
Use of Proceeds
Proceeds from the bond issuance are intended to support the expansion of Translux’s operational capabilities and meet working capital requirements, particularly in response to growing regional demand for marine fuel supply services. The financing will also be used to increase trading and bunkering volumes.
The bond issuance is designed not as a one-off financing event, but as part of a broader capital markets development strategy.
Structured Capital Markets Strategy
Velar Capitals acts as the international arranger of the transaction, supporting Translux throughout the process of accessing corporate bond markets and accompanying the company through a potential IPO under a consistent equity journey strategy. The mandate includes strategic structuring, jurisdictional analysis, selection of underwriting partners, coordination with brokers, and investor outreach across the CIS and MENA regions.
George Vettori, CEO of Translux Limited, with more than 40 years of experience in the business, commented:
“Translux has been operating for more than twenty years under an exclusive bunkering license model, maintaining stable market positions in its regions of presence. The bond listing on AIX is a step toward building a transparent public financial history as part of preparation for a potential IPO in the medium term.”
From a capital markets perspective, a bond issuance is part of a classic IPO preparation roadmap. Establishing a track record with publicly traded debt instruments allows a company to demonstrate financial discipline, payment stability, and investor engagement—key elements in building long-term credibility in capital markets.
Positioning of Velar Capitals
Velar Capitals specializes in providing private investors with access to institution-scale capital markets transactions, including opportunities typically structured and distributed through major international investment banks such as Goldman Sachs and other global underwriters. The firm works across private placements, pre-IPO and IPO transactions, and fixed-income instruments, enabling structured participation in late-stage company opportunities and public markets.
In the case of Translux, Velar Capitals’ involvement reflects its broader investment strategy: combining disciplined selection, international structuring expertise, and cross-border access to capital.
Visit Translux’s website: https://translux.ae/contact/
Visit Velar Capitals’ website: https://velar-capitals.com/
