30 April 2004 23:53
TMK pipe holding not to pay dividends
MOSCOW. April 30 (Interfax) - Shareholders of the MDM financial group's Pipe Metallurgical Company (TMK) voted
at their April 30 AGM to waive dividends and to leave last year's profits at the company's disposal, TMK
said.
The shareholders approved the annual report and elected a new board of seven directors, which includes Alexei
Aananiyev, Anatoly Birzhan, Andrei Melnichenko, Sergei Popov, Dmitry Pumpyansky, Dmitry Farber and Igor Khmelevsky.
The MDM Bank is underwriting the 3 billion-ruble bond issue. TMK's
Volzhsky, Seversky, Sinara and Taganrog pipe mills will act as
They voted in favor of raising the company's authorized stock from 1 million to 3 million shares, par value 10
rubles each.
And they approved plans to issue 3 million bonds, face-value 1,000 rubles each, with maturity in four years.
The AGM confirmed ZAO Ernst & Young Vneshaudit as external auditor.
guarantors. The board of directors has not yet announced a date for the placement.
TMK owns 45% of the production capacity of Russia's pipe industry, with potential to produce 5 million tonnes of
pipes per year.
TMK comprises Russia's Seversky, Sinara and Volzhsky pipe mills, Taganrog Metallurgical Plant plus the Artrom
pipe mill in Romania. It recently gained control of the Resita steel mill, a billet producer from Romania.
TMK management owns 67% of the holding company's pipe mills and Andrei Melnichenko and Sergei Popov owns 33%.
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