CRH to purchase €252m of shares in buyback programme

By Muiris O’Gairbheith

BUILDING materials giant CRH has recommenced its share buyback programme, reports Muiris O’Gairbheith.

Headquartered at Belgard Castle, the world’s second-largest building materials group – will buy a further tranche of up to €252m worth of shares.

CRH 1 compressor

CRH is to buy €252 million worth of shares in the buyback programme

Societe Generale has been hired to repurchase ordinary shares on CRH's behalf and to make trading decisions under the buyback independently of CRH.

The buyback started on March 8 and will end no later than June 24, according to a statement from the group.

The maximum number of ordinary shares that may be repurchased under the buyback is 50,000,000.

Under the terms of the buyback, ordinary shares will be repurchased on Euronext Dublin.

The company said any decision in relation to any future buyback programmes will be based on an ongoing assessment of the capital needs of the business and general market conditions.

In its annual results for 2020, released last week, CRH said its revenue last year dipped 2 per cent to €22.9bn, while its earnings before interest, tax, depreciation and amortisation (Ebitda) was 5 per cent higher at €3.84bn.

The company will also continue with its mergers and acquisitions (M&A) strategy, Mr Manifold said last week.

The CEO said deals worth as much as $1bn could now be considered bolt-ons for CRH.

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