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Rio Tinto Completes US$2.08 Bln Off-market Buy-back

Rio Tinto (RTPPF.PK,RIO.L,RIO,RTNTF.PK) said that it has successfully completed its off-market buy-back, achieving its share purchase target of approximately 41.2 million Rio Tinto Limited shares, for a total consideration of A$2.871 billion or US$2.081 billion. The Buy-Back Price was A$69.69 per Share which represented a discount of 14 per cent to the Market Price.

Rio Tinto chief executive J-S Jacques said "We are delighted to be returning US$2.1 billion to our Rio Tinto Limited shareholders through this off-market buy-back. Strong demand has enabled us to return the maximum amount, and at a discount of 14 per cent. The remaining US$1.1 billion of funds will be returned through ourongoing buy-back of Rio Tinto plc shares...."

Rio Tinto Limited bought back 41.20 million Shares, at an aggregate cost of A$2.871 billion or US$2.081 billion. This represents 9.99 per cent of Rio Tinto Limited's issued ordinary shares. Following completion, Rio Tinto Limited's issued share capital will stand at 371.22 million shares.

The portion of the Programme relating to the on-market buy-back of Rio Tinto plc shares will now total a maximum amount of US$1,119 million and will commence on 28 February 2019 and will be completed no later than 28 February 2020.

J-S Jacques, at the UBS Australiasia conference in Sydney today, said that China supply-side reform and tightening environmental policy have driven structural change. The company's strategy will deliver value through the cycle.

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