By Rhiannon Hoyle

SYDNEY--Cimic Group Ltd. (CIM.AU), the Australian construction company controlled by Germany's Hochtief AG, said it will buy back up to 10% of its shares in the year ahead.

The board of Cimic, which has already been buying back shares this year, on Monday approved plans to continue to buy fully paid ordinary shares over the 12 months starting Dec. 29.

The company said the initiative would "improve shareholder returns and enhance capital efficiency." Shares in the company rose by 1.6% to their highest level since July.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

December 11, 2016 23:32 ET (04:32 GMT)

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