Buildings materials company, CRH, has said it is to continue its share buyback programme through the return of a further $300m of cash to shareholders.
The announcement came as it completed the latest phase of its share buyback programme.
In total $300m worth of shares were purchased by the company in the last phase which ran from Christmas eve until yesterday.
6.1 million ordinary shares were repurchased at an average discount of 1.43% to the volume weighted average price over the period, the company said in a stock exchange filing.
"This brings total cash returned to shareholders under our ongoing share buyback programme to $3.2 billion since its commencement in May 2018," it said.
The new buyback, which commences today, will run until June 27.
"The maximum number of ordinary shares that may be repurchased under the Buyback is 45,000,000," CRH said.
"The purpose of the Buyback is to reduce the share capital of CRH."
Stockbroker Goodbody said the level of shareholder returns has been achieved while the company at the same time allocated capital to both organic and inorganic growth opportunities.
It said this leaves CRH well placed to take advantage of the attractive market backdrop over the medium term.
"CRH has now been trending at c.$1.2bn of buyback per annum," it said.
The company recently announced it was selling its Oldcastle Building Envelope business for $3.8 billion.
