30th Jun 2023 12:54
(Alliance News) - CRH PLC on Friday said it completed the latest phase of its share buyback programme, returning a further USD700 million in cash to shareholders, while making arrangements for a further USD1.0 billion return via a separate buyback programme.
Shares in CRH were up 1.0% to 4,352.00 pence each in London and up 1.4% to EUR50.64 each in Dublin on Friday afternoon.
The Dublin-based building materials company said 14.2 million shares were repurchased in Dublin and London between March 31 and Thursday. This took total cash returned under the ongoing programme, which began in May 2018, to USD5 billion.
CRH said it now has made arrangements with Societe Generale SA to repurchase shares on CRH's behalf for up to USD1.0 billion. This new buyback commenced on Friday and will end no later than September 22. Shares will be repurchased in London and Dublin.
The purpose of the buyback is to reduce the share capital of CRH, the company said, and will be conducted within the limitations set at its annual general meeting back in April of repurchasing up to 10% of the company's issued shares. This will be 51.6 million shares following the completion of the latest phase of the buyback programme.
CRH said the USD1.0 billion tranche is the second stage of the wider USD3.0 billion programme announced on March 2.
Earlier this month, CRH said shareholders "overwhelmingly" approved its transition to a US primary listing, which had first announced in March. The change is expected to take effect in late September and will remove CRH from the FTSE 100 index in London. It will remain headquartered in Dublin.
By Greg Rosenvinge, Alliance News reporter
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