Aurizon has announced it will carry out an on-market buy back of its shares.
According to the logistics and haulage company it will purchase up to five per cent of its issues share capital, approximately 107 million shares.
Lance Hockridge, Aurizon’s CEO, said “the buy-back reflects Aurizon’s strong balance sheet and highlights our ability to return capital to shareholders, while also maintaining the flexibility to fund growth projects”.
Aurizon’s growth projects include the massive Galilee rail development with GVK, in Queensland.
The newly announced buyback will start after fortnight, with plans to run the scheme for a year.
However “the timing and actual number of share purchased under the buy-back will depend on the prevailing share price, business and market conditions, and other considerations,” Aurizon said in a company statement.
“All share purchased under the buy-back will be cancelled,” it added.