Fletcher flags $300 mln share buyback, uses Formica funds to cut debt

Tue, 25 Jun 2019

By Paul McBeth June 26 (BusinessDesk) - Fletcher Building plans to buy back as much as $300 million of stock, with the bulk of the billion-dollar Formica sale proceeds being used to cut debt. The country's biggest listed construction firm is hosting investors in Sydney today and has outlined its plans for the $1.24 billion it pocketed from the sale of its Roof Tile Group and Formica units. Fletcher plans to repay an additional $600-$650 million of debt during the coming financial year, leaving it with $1.1-$1.12 billion of drawn debt...

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