- Cement and building products group Boral (BLD) will return $3 billion to its shareholders after the business sold a string of assets to focus on its Australian operations
- The company said a cash distribution of $2.72 per share to shareholders would be made up of a $2.65 capital reduction and a 7 cents per share unfranked dividend
- Shareholders gave approval for a capital return at the annual meeting last October and is expected to get the cash on February 14
- Boral has been selling its US businesses since 2020, which includes the latest sale of the North American fly ash business for US$755 million (A$1 billion)
- On the market, Boral is up 5.28 per cent and is trading at $6.18 per share
Building material maker Boral (BLD) will return $3 billion to its shareholders after the business sold a string of assets to focus on its Australian operations.
The Kerry Stokes backed company said a cash distribution of $2.72 per share to shareholders would be made up of a $2.65 capital reduction and a 7 cents per share unfranked dividend.
Last year, shareholders gave approval for a capital return at the annual meeting and is expected to get the cash on February 14.
Boral has been selling its US businesses since 2020, which includes the latest sale of the North American fly ash business for US$755 million (A$1 billion).
CEO and Managing Director Zlatko Todorcevski said the company is returning funds to its shareholders in an “efficient way”.
“The return of surplus capital follows the receipt of proceeds from the sale of the North American Building Products and 50 per cent owned Meridian Brick businesses, and Australian Building Products businesses, which combined were divested for a total consideration of more than $3 billion,” he said.
“In the 12 months following the sale of USG Boral and culminating with the announced sale of Boral’s North American Fly Ash business, we have completed an extensive portfolio realignment, unlocking significant value for our shareholders. Our reshaped portfolio allows us to focus on strengthening the performance and profitability of our core Australian construction materials business.”
On the market, Boral was up 5.28 per cent and is trading at $6.18 per share at 1:20 am AEDT.