Fletcher Building $700m capital raise removes pressure to sell assets below value

Fletcher Building's $227m loss included $180m in legacy project provisions including for the NZ International Convention Centre. (Image: NZME)

Rebecca Stevenson

Mon, 23 Sep 2024

Fletcher Building has confirmed it will raise $700 million, which the building giant says is a prudent measure to strengthen its balance sheet and improve financial stability. On Monday morning, the New Zealand Exchange and Australian Securities Exchange-listed conglomerate said the raise was fully underwritten with a $282m institutional placement and a $418m pro rata entitlement offer.It was placed on a trading halt before Monday's market opening.Fletcher said the raise was being undertaken to give it resilience in the current challen...

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