CRH launches new €350m buyback programme
Irish building materials giant is looking to reduce its share capital
Construction giant CRH is looking to reudce its share capital.
CRH said on Monday that it has commenced a continuation of its share buyback programme, and will buy back €350 million in ordinary shares by August 16th.
The announcement marks a continuation of an earlier €1 billion share buyback plan launched almost 12 months ago. Its first in a decade, that buyback was launched to take advantage of flexibility with the Irish building materials giant’s finances and the fact that the stock was trading at a discount to what the board believed to be its “intrinsic value”.
CRH has appointed Davy to repurchase shares on its behalf on the London Stock Exchange and/or Euronext Dublin for up to €350 million, and the buyback will end no later than August 16th of this year.
CRH said that the purpose of the latest buyback is to reduce its share capital, and will be conducted within the limitations set out at the group’s agm earlier this month to repurchase up to 10 per cent of the company’s ordinary shares in issue.