Boral has announced a $236 million on market share buyback program for 5% of the building products group.
CEO Mike Kane said the buy back reflects Boral’s commitment to efficient capital management and delivering improved returns to shareholders.
“At the same time, we are maintaining flexibility to respond to changes in market conditions and to take advantage of appropriate growth opportunities that may present in the future,” he said.
Based on yesterday’s closing share price of $6.02, about 39 million ordinary shares, or 5% of the company, would represent a buy-back program of about $236 million.
Boral announced a profit of $105 for the six months to the end of December compared to a loss of $26 million.
Increased housing activity, particularly a strong Sydney market, is underpinning profitability.