New Zealand's Fletcher Building falls as Precinct flags delay in Commercial Bay construction

Precinct Properties New Zealand

29/05/2019 01:30

** Shares of New Zealand's largest builder Fletcher Building
Ltd  FBU.NZ  fall as much as 4.4% to NZ$5.20, their lowest since
May 22, 2019
    ** Precinct Properties New Zealand Ltd  PCT.NZ  says
targeted opening dates for retail centre revised to March 2020
and for new PwC Tower to April 2020 due to delay by main
contractor Fletcher Construction  urn:newsml:reuters.com:*:nNZW35Yl4k
    ** Fletcher Construction, a unit of Fletcher Building, has
brought a number of claims, and further claims are anticipated
 urn:newsml:reuters.com:*:nNZW18N7jL
    ** Precinct now estimates total project cost to be between
NZ$690 mln ($452 mln) and NZ$700 mln, with potential increase of
up to NZ$10 mln
    ** Fletcher says it remains within the Construction
provisions announced in February 2018
    ** Stock posts its biggest intraday pct fall since Feb 20,
2019
    ** About 1 mln shares change hands, compared with the 30-day
average volume of about 876,000 shares
    ** Stock has risen 11.48% this year, as of last close
    
    ($1 = 1.5274 New Zealand dollars)
    

 ((Soumyajit.Saha@thomsonreuters.com; Reuters Messaging:
soumyajit.saha.thomsonreuters.com@reuters.net))