Summary
CRH Public Limited Company (CRH) announced on December 21, 2023, the completion of its latest share buyback phase, returning an additional $1.0 billion to shareholders. This brings the total cash returned to shareholders under its ongoing buyback program to $7 billion since May 2018. The company also initiated a new buyback arrangement with Citigroup Global Markets Inc. to repurchase up to $300 million of ordinary shares listed on the New York Stock Exchange. This $300 million tranche, commencing December 21, 2023, and concluding by February 28, 2024, represents the final stage of a previously announced $3 billion program. The repurchased shares will be cancelled, with the intention to reduce CRH's share capital. Future buyback decisions will be based on ongoing assessments of capital needs and market conditions, with repurchases limited to those conducted within the United States.
Key Highlights
- 1CRH returned an additional $1.0 billion to shareholders by completing a recent share buyback phase.
- 2Total cash returned to shareholders via the buyback program now stands at $7 billion since May 2018.
- 3A new arrangement with Citigroup will facilitate the repurchase of up to $300 million of CRH ordinary shares on the NYSE.
- 4This $300 million buyback is the final part of the $3 billion program announced on March 2, 2023.
- 5The new buyback program will commence on December 21, 2023, and is expected to conclude by February 28, 2024.
- 6Repurchased shares will be cancelled, aiming to reduce CRH's overall share capital.
- 7Share repurchases will be conducted in compliance with U.S. and UK/EU market abuse regulations and will not occur outside the United States.