Summary
CRH plc has announced the completion of its latest share buyback phase, successfully returning $0.7 billion in cash to shareholders between March 31, 2023, and June 29, 2023. This brings the total returned to shareholders under its ongoing program to $5 billion since May 2018. The company is also initiating a new buyback program, entering into arrangements with Societe Generale to repurchase up to $1 billion of its ordinary shares. This new program is set to commence on June 30, 2023, and will conclude no later than September 22, 2023. This $1 billion repurchase is the second tranche of a broader $3 billion program announced earlier this year. The primary objective of these buybacks is to reduce CRH's share capital. The repurchases will be conducted on the London Stock Exchange and Euronext Dublin, with Societe Generale acting independently within pre-defined parameters. The shares bought back will be held in treasury for potential cancellation or re-issuance. The company continues to assess capital needs and market conditions for future buyback decisions.
Key Highlights
- 1CRH completed a $0.7 billion share buyback phase between March 31, 2023, and June 29, 2023.
- 2Total cash returned to shareholders via buybacks has reached $5 billion since May 2018.
- 3A new share buyback program of up to $1 billion has commenced on June 30, 2023.
- 4This $1 billion program is part of a larger $3 billion plan announced on March 2, 2023.
- 5The buyback is expected to conclude by September 22, 2023.
- 6Repurchases will occur on the London Stock Exchange and Euronext Dublin.
- 7The primary goal is to reduce CRH's outstanding share capital.