Building materials giant CRH has instructed Merrill Lynch International to conduct the third phase of its share buyback programme announced in April.
In a stock market update on Tuesday, CRH said it had entered “non-discretionary instructions” with Merrill Lynch to begin the programme which allow for the repurchase of ordinary shares for up to €100 million.
The company, which is the largest on Ireland’s Iseq index, announced in April that it would repurchase up to €1 billion of its stock over a 12-month period to take advantage of the fact that the shares are trading at a discount to what the board believes to be their real value.
The plan to repurchase up to 10 per cent of the company’s ordinary shares was subsequently approved by shareholders at an annual general meeting.
So far, CRH has repurchased about €700 million worth of shares. The company’s phase three buyback programme will continue no later than December 31st.
