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Boral $236m Share Buy-Back Announced

Boral $236m Share Buy-Back Announced
Mar 18, 2015 By Wise-owl

Boral Limited (ASX:BLD) has announced a plan to start an on-market buy-back program for up to 5 per cent of the company’s issued capital. The plan will buy-back around 39m ordinary shares over the next 12 months. Boral has made this announcement following a string of positive announcements, including reducing net debt, positioning the company with a strong balance sheet and enough cash to execute an on-market share buy-back. "This 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,” said CEO and Managing Director Mike Kane.

As Australia’s largest construction materials and building products company, Boral has sought to expand its business ventures both domestically and abroad. Boral entered a joint venture with the US plasterboard technology firm USG Corp. There are also talks of a clay brick joint venture between Boral and the Australian firm CSR that received ACCC approval last December. In addition, the company could see a significant increase in profits if the proposed infrastructure projects introduced by the Federal and State governments get started. Shares of BLD are up 6.5c, or 1.08 per cent, at $6.09 per share near the end of the trading day today. It is trading above a sever year high. BLT has a one-year return of 6.75 per cent and is up 14.81 per cent so far this year.


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Wise-owl Author: Wise-owl Mar 18, 2015

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