New Zealand's Skycity rises on filing case against Fletcher on project delays

Skycity Entertainment

06/06/2025 01:36

** Shares of Skycity Entertainment SKC.NZ rise as much as 9.5% to NZ$1.04, their biggest intraday jump since early September 2020

** Stock hits its highest level since May 14

** Co files proceedings against Fletcher Building FBU.NZ and its unit for delays in the completion of the New Zealand International Convention Centre (NZICC)

** Skycity seeking liquidated damages of over NZ$330 million $199.55 million) under contract

** Fletcher says risk of dispute over delay and costs associated with the NZICC has been flagged previously

** Fletcher shares down 3.2% at NZ$3.05, their lowest since May 29

** YTD, SkyCity down 29.7%, including the day's moves

($1 = 1.6537 New Zealand dollars)

 (Reporting by Sneha Kumar in Bengaluru)

 ((Sneha.kumar@thomsonreuters.com;))