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NZ's Fletcher Building hives off stake in Sims Pacific Metals JV

Steel News - Published on Fri, 29 Jun 2018

Image Source: newstalkzb.co
Reuters reported that New Zealand’s Fletcher Building Ltd said that it would hive off its 50 percent stake in the Sims Pacific Metals joint venture to Sims Metal Management Ltd for NZ$42 million ($28.37 million), in line with its strategy to divest non-core businesses. The construction firm expects proceeds between NZ$55 million and NZ$60 million from the sale.

Fletcher has previously announced the consolidation of its Australian operations and a management shake-up as it looks to regain investor confidence after mounting losses at the commercial buildings unit.

The losses led to a breach of its debt covenants and the firm reported a steeper-than-expected loss for the first-half.

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Posted By : Nanda Koijam on Fri, 29 Jun 2018
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