CRH completes phase one of share buyback
Shares in CRH were down 1.2pc in trading on the Irish Stock Exchange yesterday after the company announced that it had completed phase one of its share buyback programme.
Between May 2 and July 31 this year Ireland's largest company repurchased 11.4m ordinary shares on the London Stock Exchange at an average discount of 0.5pc to the weighted average price, returning €350m in cash to its shareholders.
CRH is planning a buyback of up to €1bn of its own shares over the next 12 months, in a proposal announced in April.
The buildings materials group said that it will release details concerning subsequent phases of the share buyback programme in due course.
Last month CRH announced that it had sold a DIY business for €510m. The Netherlands and Belgium-based DIY business, along with certain related property assets, was sold to Intergamma, a Dutch DIY franchise, along with a US real estate investor.
Earlier this year the company announced the appointment of former Bank of Ireland CEO Richie Boucher to its board.