Cimic Group (ASX:CIM) to launch new buyback of up to 10% of ordinary shares

Company News

by Anna Napoli

CImic Group (ASX:CIM) will launch a further on market share buy-back of up to 10 per cent of its fully paid ordinary shares for a period of 12 months.

The company’s current buy-back will end on December 28.

The new buy-back is intended to enhance shareholder returns and capital efficiency while maintaining balance sheet flexibility for growth opportunities.

The new buyback does not require shareholder approval. The timing and number of shares purchased will depend on the CIMIC share price and market conditions.

Shares in Cimic Group (ASX:CIM) are trading 0.7 per cent lower at $25.69