Boral to return A$3 billion to shareholders
Company announces return of surplus capital to shareholders following extensive portfolio realignment
BORAL Ltd have today announced a A$3 billion return of surplus capital to shareholders. The cash distribution of A$2.72 per share will be in the form of a A$2.65 per share equal capital reduction, totalling $2,923 million, and an unfranked dividend of 7 cents per share, totalling A$77 million.
At the company’s 2021 AGM on 28 October 2021, shareholders voted in favour of reducing Boral’s share capital by up to A$3 billion by way of an equal capital reduction.
Chief executive officer and managing director, Zlatko Todorcevski (pictured), said: ‘We are returning funds to our shareholders in an efficient way, consistent with our financial framework and focus on disciplined capital management.
‘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 A$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.’
