Shares of the Russian Pipe Metallurgical Company (TMK) took off in price by 34.50 percent during the bidding on Friday, July 30. By 17:40, the valuable paper was already 97.76 rubles per piece.
The reason for a sharp jump in the value of securities was the decision of the Company’s Board of Directors about the payment of dividends. At the end of the first half of 2021, investors were recommended to pay at the rate of 17.71 rubles per ordinary share. In total, 18.3 billion rubles can be directed to dividends, indicates TASS.
In March 2021, a record transaction occurred on the Russian pipe market after TMK bought 86.54 percent of the Chelyabinsk pipe rolling plant (CTSPA). Amount amounted to 84.2 billion rubles.
Head of TMK Dmitry Pumpyansky then stressed that the transaction will ensure the energy security of Russia will serve the objectives of import substitution and close the needs of companies in special types of pipes.