Construction giant CIMIC has announced a share buyback of up to 10 per cent of its shares over the next 12 months.
The buyback will improve shareholder returns, boost capital efficiency and provide balance sheet flexibility to pursue future growth, the company said in a statement on Monday.
It said the initiative reflected the company's strong balance sheet position, disciplined approach to capital management and its belief that the current share price was attractive.
CIMIC shares closed on Friday at $22.14 each, but have slipped more than a fifth since the start of November.
The buyback will be funded from CIMIC's existing cash balances and working capital facilities, the company said.
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