AUS: Foster’s closes share buy-back

By just-drinks.com editorial team | 10 April 2007

Foster's has completed a substantial share buy-back.

The Australian drinks company confirmed today (10 April) that the off-market share buyback programme, announced earlier this year, has closed, returning A$400m (US$329.6m) to shareholders. A total of 67.8m shares, equating to 3.3% of issued capital, were bought by Foster's, at a price of A$5.90 each.

"This is an excellent result for Foster's shareholders and delivers on our commitment to return approximately A$400m of surplus capital to shareholders," said Trevor O'Hoy, Foster's CEO.

Payments to shareholders who sold to Foster's will be completed by 17 April, the company noted.

Earlier this year, Foster's posted a slight rise in both sales and income for the first half of its financial year. The company reported a 3.5% year-on-year rise in sales for the six months to 31 December, coming in at A$2.4bn, while net profit leapt by 90% to A$533.4m.

Sectors: Beer & cider

Companies: Foster’s