TMK’s Board of Directors approves a share buyback program
PAO TMK (TMK or TMK Group), one of the world’s leading producers of tubular products for the oil and gas industry, announces that TMK’s Board of Directors at its meeting held on September 10, 2018, approved a program to repurchase the Company’s shares including depositary receipts (GDRs) representing such shares in the open market (the “Buyback Program”) for an aggregate amount of up to $30 million. The Buyback Program is to be carried out in 2018–2019.
The maximum amount of shares and depositary receipts to be repurchased under the Buyback Program will not exceed 29,270,000 ordinary shares, or 7,317,500 GDRs. The precise amount of shares and/or GDRs will depend on the share price performance and market conditions for the duration of the Buyback Program.
The share purchases under the Buyback Program will be made through professional brokers on behalf of the Company on regulated stock exchanges in accordance with applicable laws and regulations.
The repurchased shares and GDRs will be held on TMK Group’s balance sheet. The decision with regards to the repurchased securities will be made before the completion of the Buyback Program.