Building products company CSR Limited (ASX:CSR)
will commence an on-market share buy-back of its ordinary shares of up to $100 million.
The share buy-back represents a return of surplus capital expected to be generated by the company, including the completion of the sale of the Viridian Glass business for $155 million and proceeds from the sale of the industrial property at Ingleburn, NSW which has an estimated market valuation in excess of $60 million.
In addition, cash settlements of approximately $110 million from two previously announced property transactions will be received over the next 12 months.
CSR expects that group net profit after tax (NPAT before significant items) will be within the current range of analysts’ forecasts - updated for the sale of Viridian - of $180 to $187 million.
Shares in CSR Limited (ASX:CSR)
closed flat at $3.32 yesterday.