By Dimitrios Kontos
CRH PLC (CRG.DB) is starting Wednesday the first phase of its 1 billion euro ($1.20 billion) buyback program by repurchasing ordinary shares for a maximum consideration of EUR350 million, it said.
The Irish building company said the first phase will end no later than Aug. 22.
The company will repurchase up to 10%, or 84.1 million, of its issued shares, CRH said.
In connection with the buyback, the board has approved the suspension of the scrip dividend. The final 2017 dividend to be paid on May 4 will not be affected by the scrip dividend suspension, the company said.