Building materials giant CRH is to continue its buyback programme after completing its latest phase which returned a further $300 million (€276 million) cash to shareholders.
The latest buyback round will start on Friday and will end no later than June 29th, the company said in a statement on Friday morning. This $750 million tranche is the initial stage of the wider $3 billion programme.
Some 5.9 million ordinary shares were repurchased on Euronext Dublin between December 19th and March 30th.
That brings the total cash returned to shareholders under their ongoing share buyback programme to $4.3 billion since its commencement in May 2018.
CRH, which was formed in 1970 through the merger of the already publicly quoted Irish Cement and Roadstone companies, also announced it has entered into arrangements with UBS to repurchase ordinary shares on CRH’s behalf for a maximum consideration of $750 million.
The renewed buyback comes weeks after the company said it would shift its primary listing to New York. The US accounts for about three quarters of the firm’s revenue.
Since late 2011, the group has had a primary listing in London with a secondary one in Dublin. A spokesman declined to comment on the future of these listings, pending the outcome of the company’s shareholder engagement in the coming weeks.
More information will be given on April 26th when CRH is scheduled to issue a trading update.
