Trubnaya Metallurgicheskaya Kompaniya OAO to Buy 55% Stake in Gulf International Pipe Industry L.L.C. for USD 39.131 Million-Interfax
Interfax reported that Trubnaya Metallurgicheskaya Kompaniya OAO (TMK) is paying USD 39.131 million for 55% of Gulf International Pipe Industry L.L.C. (GIPI, Oman), the Company said in materials. TMK had already paid USD 27.43 million of that amount before the end of 2012, according to the Company's IFRS financials for 2012. It paid another USD 8 million in January-February 2013, leaving just USD 3.7 million more owing. GIPI had USD 98 million in debt as of year-end and receivables totaling USD 8.89 million, including USD 546,000 that will have to be written off. Goodwill from purchase of the Company is estimated at USD 39.945 million, which is attributable to the Middle Eastern division of the Company. It includes the sales subsidiary TMK Middle East FZCO and the Threading & Mechanical Key Premium L.L.C. service center, a joint venture with Emdad in the UAE.
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