Tenaris Announces Completion of Usiminas' Capital Increase Process
LUXEMBOURG -- (Marketwired) -- 07/19/16 -- Tenaris S.A. (NYSE: TS) (BAE: TS) (BMV: TS) (MILAN: TEN) announced today that, following the completion of the subscription process in connection with the previously announced issuance of 200 million ordinary shares of Usinas Sider�rgicas de Minas Gerais - Usiminas at BRL 5.0 per share, Usiminas' extraordinary general shareholders' meeting homologated the resulting BRL 1 billion capital increase and authorized the issuance of such ordinary shares.
Throughout the various stages of the subscription process, TenarisConfab has subscribed to a total of 11.5 million ordinary shares for a total amount of BRL 57.5 million (approximately USD 16.6 million). In addition, on April 20, 2016, TenarisConfab subscribed to 1.3 million preferred shares for a total amount of BRL 1.6 million (approximately USD 0.5 million).
Following the issuance of these ordinary shares, TenarisConfab will own a total of 36.5 million ordinary shares and 1.3 million preferred shares, representing 3.0% of Usiminas' capital, and the T/T Group (including TenarisConfab, Ternium and its subsidiaries Siderar and Prosid) will own 39.6% of Usiminas' ordinary shares and 1.8% of Usiminas' preferred shares.
Some of the statements contained in this press release are "forward-looking statements." Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements.
Tenaris is a leading global supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.
Giovanni Sardagna Tenaris 1-888-300-5432 www.tenaris.com
Source: Tenaris S.A.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tenaris Files 2023 Annual Report on Form 20-F
- AERKOMM and Nasdaq-Listed IX Acquisition Corp. Announce Merger Agreement and US $35 Million Private Placement
- Community Colleges: A Public Good
Create E-mail Alert Related Categories
Press ReleasesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!