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The majority shareholder of TMK –Artrom wants to launch a public offer for 59.4% of the shares

TMK Europe GmbH, the majority shareholder of TMK-Artrom intends to launch a public offer for approximately 59.39% of the social capital of the company, a press release of the company says.

According to the press release sent to BVB Raiffeisen Bank SA,. Raiffeisen Centrobank AG and WOOD & Company Financial Services were named as Global Joint coordinators and owners of the register of subscription of the offer. BT Capital Partners SA was named Agent retail of the offer and Renaissance Securites (Cyprus) Limited was named Co-manager of the offer.

According to the document, the company will not get directly funds obtaine d from the offer. With all this, it is expected that the shareholder will subscribe, out of net collections resulted after the offer, a sum representing the equivalent in lei of 62.3 million euro, calculated at the exchange rate leu/euro  published by the National Bank of Romania at the date of paying the offer, in an increase of social capital authorized and approved by the General Assembly of the company of 5 April 2019.To lower the degree of endeabtedness of the society, the sum to be collected in the increase of the capital will be used, mainly, to pay the price of the acquisition of 21 December 2018 from the selling shareholder of shares in the social capital of TMK-Resita.

The TMK is one of the few producers of steel pipes in Europe which is vertically integrated with their own production factory of the steek billets and selling networks and marketing to sell the industrial pipes without steel welding of the group.

The group values the integration on vertical which allows that, through the means of the factory in Resita to produce billets of high quality than to transform them into industrial pipes without welding at the factory of the group in Slatina., and later sold in the world thourgh the companies specialized in sales. On 31 December 2018, the annual capacity of the group regarding the production of steel pipes without welding was 200,000 tons

In the year closed on 31 December 2018 the group obtained a profit before taxing of 79.6 million lei and had on average a number of 2,249 employees, with activity in the two main segments, and namely a segment of pipes and one for billets. In the first three months of the 2019 the total income of the group were 336.1 million lei and the net profit was 304,000 lei.