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CRH commences €350m share buyback


CRH chief executive Albert Manifold

CRH chief executive Albert Manifold

CRH chief executive Albert Manifold

Ireland’s biggest company, CRH, has commenced buying back an additional €350m of its own shares.

The decision to continue its share buyback programme was first flagged in a trading update earlier this month.

The building materials group has entered an arrangement with Davy Stockbrokers to repurchase ordinary shares on CRH's behalf for a maximum consideration of €350m.

The purpose of the buyback is to reduce the share capital of the company.

It will be conducted within the limitations of the authority granted at CRH's AGM last week to repurchase up to 10pc (49,605,183 ) of the company's ordinary shares in issue.

The repurchased ordinary shares will be held in treasury pending their cancellation or re-issue in due course.

The buyback will commence today and end no later that 16 August 2019, the group said in an update.

In the first three months of this year CRH reported a 7pc increase in sales.

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