TMK concludes first transactions within buyback program for 3.2 mln rubles and $60,100
MOSCOW. Oct 22 (Interfax) - TMK has carried out its first transactions within its buyback program, updated in September and worth up to $30 million, the pipe maker said in a statement.
Last week, TMK purchased 28,100 GDRs (1 receipt is equal to four shares), spending 3.2 million rubles and $60,100, the company said.
The shares are being bought on behalf of subsidiary JSC Volzhsky Pipe Plant .
The TMK board of directors in September approved a program to buy back shares and GDRs from the market for a total of up to $30 million, to be implemented in 2018-2019. The maximum volume of the program is 29,270,000 shares, which is equal to 7,317,500 GDRs.
TMK is not ruling out a secondary public offering for the repurchased shares, but may also cancel them, with the decision to be made by shareholders following the end of the program, the pipe maker's deputy CEO for strategy and development, Vladimir Shmatovich, told reporters.