CSR is buying back up to $100 million in shares on-market, as the company positions itself to invest in both long-term growth strategy and shareholder returns.
In a press release, company CEO Julie Coates touted CSR’s robust balance sheet and strong operational performance, allowing it to increase returns to shareholders by implementing an on-market share buyback.
“We are also progressing major property development projects that will deliver short and long-term earnings, alongside the hedged Aluminium position. This highlights CSR’s strength and prospects for the coming years,” according to CSR Chair John Gillam.
CSR said the buyback will be added to the company’s dividend policy and the timing of purchases will depend on the share price, cash flow generation, and capital requirements.
The company has also reiterated its outlook for the year ending March 31, 2023, as provided in its full-year results on May 11, 2022.
