June 29 (Reuters) - New Zealand's Fletcher Building Ltd (FBU) on Friday said it would hive off its 50 percent stake in the Sims Pacific Metals joint venture to Sims Metal Management Ltd (SGM) 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.
($1 = 1.4806 New Zealand dollars)
News: SGM NZ's Fletcher Building hives off stake in Sims Pacific Metals JV
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Last
$13.83 |
Change
0.300(2.22%) |
Mkt cap ! $2.672B | |||
| Open | High | Low | Value | Volume |
| $13.49 | $13.83 | $13.43 | $5.971M | 434.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 732 | $13.75 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $13.83 | 74 | 1 |
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| Last trade - 16.10pm 12/09/2025 (20 minute delay) ? |
| SGM (ASX) Chart |