Construction News

10/06/2008

Kingspan To Buy Back Up To 10% Of Shares

Irish building materials group Kingspan has announced it is to buy back up to 10% of the company's shares at a cost of up to €101.4 million.

The insulation board maker said it wanted to buy back a maximum of 17.1 million shares because of a decline in its market value.

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In a statement the company said: "The timing and amount of shares bought back will depend on the Group's pipeline of development opportunities as well as equity market conditions."

Kingspan, based in Cavan, has seen its share price drop by 71% on the Irish Stock Exchange in the past year.

(CD/JM)

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