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May 2, 2018, 2:38 a.m. EDT

CRH kicks off €1 billion share-buyback program

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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.

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