Dublin-based building materials company, CRH, is to begin the second phase of its €1 billion share buyback programme.

In April, the company announced plans to repurchase ordinary shares of up to €1bn over the next 12 months.

With the first phase completed on 31 July, resulting in €350 million of cash being returned to shareholders, CRH has now entered into arrangements with UBS A.G., London Branch to begin the Phase 2 Programme for a maximum consideration of €350m today, 29 August. Completion is set for no later than 19 November 2018.

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CRH said: "Under the terms of the Phase 2 Programme, ordinary shares will be repurchased on the London Stock Exchange and/or Euronext Dublin.

"CRH has entered into non-discretionary instructions with UBS to conduct the Phase 2 Programme on its behalf and to make trading decisions under the Phase 2 Programme independently of CRH in accordance with certain pre-set parameters."

(LM/MH)