TMK announces delisting of its GDRs from LSE

AK&M 18 September 2020 18:19

TMK has announced the cancellation of the listing and admission to trading on the LSE of its Regulation S and Rule 144A Global Depositary Receipts, each representing four ordinary shares of the Company, with effect from start of trading on September 17, 2020, according to the company's statement.

Following the cancellation of listing, holders of the GDRs will no longer be able to trade their GDRs on the LSE and will not be able to obtain market quotations for the GDRs.

TMK is a global supplier of steel pipes, tubular solutions and related services for the oil and gas sector. The company is one of the world's top three leaders in the tubular business. The company has production assets in Russia, Romania and Kazakhstan. The largest contributor to TMK's sales is threaded O&G pipes shipped to consumers in more than 80 countries worldwide. TMKs' shares are traded on the London Stock Exchange and the Moscow Exchange.

IFRS revenue of TMK for the first quarter of 2020 decreased by 33% to RUB 55.319 billion from RUB 83.069 billion a year earlier. Gross profit decreased by 17% to RUB 12.854 billion from RUB 15.5 billion, adjusted EBITDA by 24% to RUB 8.737 billion from RUB 11.52 billion.