At its meeting on September 11, 2020, the Board of Directors of TMK approved a new share buyback program of up to 129,198,754 of TMK ordinary shares outstanding at a cash price of RUB 61 per ordinary share, TMK informed.
The new share buyback program will be performed by Volzhsky Pipe Plantby way of concluding transactions off and on the regulated market of Moscow Exchange using the "Buying back: direct orders" trading mode.
A shareholder who is willing to place an order for sale and who is not a trading member of Moscow Exchange can place an order as a client of a trading member of Moscow Exchange. A shareholder with no broker account opened with any trading member of Moscow Exchange can sell shares to VTZ directly. To do so, the shareholder shall contact TMK using contact details provided below.
VTB Capital, Gazprombank and Sberbank are acting as authorized agents of VTZ in relation to the new share buyback program. Gazprombank (Joint Stock Company) is acting as broker of VTZ in concluding transactions via Moscow Exchange.
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.
