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  4. TMK to sell additional shares in financing deal

TMK to sell additional shares in financing deal

 

Published by
 World Pipelines,

TMK, Russia's largest maker of steel pipes for the oil and gas industry, said yesterday that it will sell 44 million additional shares as part of a financing deal with VTB bank.

TMK agreed a deal with VTB last year to raise around 10 billion roubles (US$147.09 million) by selling its shares. The funds will be used to reduce debt by repaying bank loans this year.

Edited from various sources by Elizabeth Corner

Sources: Rigzone, Reuters

 

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