Shares in diversified mining and infrastructure contractor Decmil Group gained up to 9.2 per cent on the ASX today, following its announcement of an on market share buy-back for up to 10 per cent of the company’s shares.
Shares in diversified mining and infrastructure contractor Decmil Group gained up to 9.2 per cent on the ASX today, following its announcement of an on-market share buy-back for up to 10 per cent of the company’s shares.
The company will be allowed to buy-back shares on the market from December 18, as part of its capital management program.
It said the timing and actual number of shares purchased will depend on the prevailing share price, business and market conditions.
Decmil last month announced its intention to acquire Balcatta-based telecommunications services company SAS Telecom for around $1 million, adding momentum to the expansion of its services.
SAS was passed to administrators in August following a contractual dispute.
Decmil began diversifying its operations two years ago in response to the resources sector’s widespread slowing down of new construction works.
In August, the company lifted its full-year net profit for the 2013-14 financial year by 10 per cent, to $49.7 million.
Decmil appointed Euroz Securities to act as broker to the buy-back, which does not require shareholder approval.
Decmil shares peaked at $1.212 today, before closing up 6.3 per cent at $1.18.