(Reuters) – Boral (OTC) Ltd, a leading building materials manufacturer, will pay A$3 billion (2.12 billion) back to shareholders. This is largely due to the proceeds it received from several North American businesses which helped it refocus its efforts on domestic markets.

The largest intraday percentage increase since June 2021 was 6.8% in shares of this Australia-listed company.

Boral stated Tuesday that cash distributions will take the form of A$2.65 per Share equal capital reduction and A$0.07 Per Share dividend.

It would also signify that the largest shareholder of Seven Group Holdings, a billionaire media mogul Kerry Stokes, will receive a large portion of its return.

Seven shares rose by 2% following the announcement.

Boral is now owned by 70% of Seven Group, which has increased its share from 20% to nearly 70% in September 2013. Boral named Ryan Stokes, Seven’s boss as its Chairman in July.

Boral began selling U.S. companies in 2020, after an eight-year-long streak of overseas acquisitions that resulted in a substantial writedown. Most recently, it sold the North American flyash business to Boral for $755 million.

The domestic segment generates over half the revenues and is able to take advantage of record low interest rates that have helped property prices rise to unprecedented heights.

Zlatko Todorcevsk, Chief Executive Officer, stated that “our reformed portfolio allows us focus on strengthening performance and profitability in our core Australian construction material business.”

Boral will report half-year earnings February 14.

($1 = 1.4158 Australian dollars)