Construction News

13/06/2008

Kingspan Has Already Bought Back 300,000 Shares

Leading Irish building products firm Kingspan has said it has begun to buy back shares, 300,000 of which are already back in the possession of the company.

Purchased through broker Goodbody, the average price per share, for a stake in the Cavan-based building materials firm, cost €6.37. The value peaked at €6.45, with the weakest share being bought for €6.15.

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All will now be held as Treasury Shares. The company now claims to own 600,000 Ordinary Shares.

The firm's MD is reported to have bought 40,000 shares at €6.05, which raised his stake in Kingspan to 0.127%, through 217,656 shares. This stake is now valued at €1.4m.

Kingspan's stocks grew by just under 2% or €0.12 a share to €6.42 each.

Earlier this week the company announced a buyback programme of around 10% of the 171.1 million share currently in issue.

See: Kingspan To Buy Back Up To 10% Of Shares

(PR/JM)

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