Australia: Foster's announce US$200 million on-market share buy-back
Foster's Group Limited (Foster's) announced August 29 its intention to return up to $200 million to shareholders through an on-market share buy-back program.
Strong operating cash flows and proceeds from asset sales, including the recently announced sale of Foster's brewing operations in India and Vietnam, have reduced net debt balances to below US$3.5 billion as at 30 June 2006.
This has created the opportunity to return funds to shareholders through an on-market share buy-back program commencing mid-September 2006, subject to market conditions.
"The fact that Foster's is buying back shares only 12 months after the acquisition of Southcorp is very significant," Foster's Chief Executive Officer, Trevor O'Hoy said. "It is testament to the strong operating cash flow generation of our core multi-beverage and wine businesses and to the significant value that we've realised from non-core assets during the year."
Foster's remains committed to achieving metrics consistent with a BBB+(Standard & Poors) / Baa1 (Moody's) credit rating by the 2008 financial year.
Foster's has appointed ABN AMRO to assist the company with its capital management
program.
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