Construction materials company Boral Limited has announced a $3 billion return of surplus capital to shareholders.
Boral CEO & Managing Director, Zlatko Todorcevski, said the cash distribution of $2.72 per share will be in the form of a $2.65 per share equal capital reduction, totalling $2,923 million and an unfranked dividend of 7 cents per share, totalling $77 million.
“We are returning funds to our shareholders in an efficient way, consistent with our financial framework and focus on disciplined capital management,” Mr Todorcevski said.
“The return of surplus capital follows the receipt of proceeds from the sale of the North American Building Products and 50% owned Meridian Brick businesses, and Australian Building Products businesses, which combined were divested for a total consideration of more than $3 billion.”
“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.”
