CIMC carry out share buyback

CIMIC, the parent company of mining contractors Thiess and Leighton, have announced an on-market share buyback.

The engineering and construction group plans to acquire 10 per cent of its fully paid ordinary shares over the next 12 months, and according to CIMIC, as it is within the 10/12 limit’ permitted by the Corporation Act the buyback doesn’t need shareholder approvals.

“The on-market buyback will improve shareholder returns, enhance capital efficiency, and maintain sufficient balance sheet flexibility to pursue growth and investment opportunities,” CIMIC said in a company statement.

It will fund the buyback through a combination of existing cash balances and working capital facilities.

 

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