Shaw completes $ 500 million share repurchase programme

Shaw completes $ 500 million share repurchase programme

1:21 PM, 24th May 2011
Shaw completes $ 500 million share repurchase programme

 

BATON ROUGE, US: The Shaw Group Inc has completed its $ 500 million share repurchase programme that was announced January 10, 2011. The programme, which was funded by the company’s available cash and short-term investments, resulted in the repurchase of 13,688,354 shares at an average price of $ 36.51 per share, excluding costs. The company currently has approximately 72.2 million shares outstanding.

“The completion of the share repurchase programme is a prime example of our continued focus on providing value to our shareholders. We remain confident in the long-term growth of our business and will continue to be good stewards of our significant cash balance,” said J M Bernhard Jr, Chairman, President and CEO, Shaw.

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