Russia's TMK applies for delisting from London Stock Exchange

MOSCOW, Aug 17 (PRIME) -- Russian oil and gas pipe maker TMK has sent an application for delisting of its global depositary receipts (GDRs) from the London Stock Exchange (LSE), the company said in a statement on Monday.

The delisting is expected to take place on September 16.

"TMK is to delist the GDRs from the LSE as continuation of a decision of TMK’s board of directors of April 8, 2020 not to consider prolonging the GDR listing on the LSE as strategic priority after completion of a voluntary offer of the Volzhsky Pipe Plant, a 100% affiliate of TMK on the acquisition of TMK shares. It is expected that delisting will be held on September 16, 2020," TMK said.

TMK said in April it will buy back 34.7% in the company for 61 rubles per security and after that delist from the LSE. At the end of July, the shareholders presented about 230 million shares, or 22.3% of the capital for 14.027 billion rubles.

(73.2157 – U.S. $1)

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