MOSCOW, September 15. /TASS/. Shares of Russia's pipe producer TMK gained 5.1% as trading opened on Moscow Exchange on Tuesday compared with the previous closing, reaching 61.3 rubles per share at some point, according to the trading data as of 10:00 am Moscow time.
TMK shares are rising following the report that the company's board of directors approved a new share buyback program of almost 129.2 mln ordinary shares outstanding at a cash price of 61 rubles per share to be performed by Volzhsky Pipe Plant (100% subsidiary of TMK).
As of 10:22 am, growth of TMK shares slowed down to 4.3% as they were trading at 60.84 rubles per share.
TMK is the largest Russian producer of tubular products and one of top three leaders of the global tubular business, with assets located in Russia, Romania and Kazakhstan. Dmitry Pumpyansky owns 65% of the company through TMK Steel Holding Ltd.