Mr Ray McLoughlin, executive chairman of James Crean, has bought one million shares in the company, at €1.10 per share, costing €1.1 million (£0.87 million). This follows a purchase of 71,778 shares, at the same price, last week.
His holding has now been raised to 5.6 per cent. The purchases follow a statement last November that the directors would buy some further shares as an expression of confidence in the group.
Crean is de-merging the print and packaging companies into a separately quoted company.
It has already sold its electrical division and will then be left with Crean holding the food division. Mr McLoughlin said the board was considering the options for this business.
The last results showed a €43 million (£34 million) reduction in shareholders' funds, representing a 35 per cent cut. The underlying profit before interest and tax grew by 14 per cent to €22 million (£17 million) in 1998 partly due to favourable currency translations in 1998. Exceptional charges of €40 million, however, were responsible for the slump in shareholders' funds.
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