Romanian steel pipe producer TMK Artrom (ART) announced on Wednesday that it postponed the secondary public offering that its majority shareholder planned to make on the Bucharest Stock Exchange. The company didn't mention the reasons behind this decision.

Russian group TMK, one of the biggest producers of pipes for the oil and gas industry, announced in April that it planned to sell a significant stake in its Romanian subsidiary TMK-Artrom Slatina through a secondary public offering (SPO) on the Bucharest Stock Exchange. The offer would have amounted to 69 million shares in TMK Artrom Slatina, worth some EUR 60 million.

TMK planned to reinvest the money in the company through a capital increase to reduce its debts and finance its development plans.

TMK holds a 93% stake in TMK Artrom Slatina.

editor@romania-insider.com

(Photo source: Facebook/TMK Artrom)