NZ's Fletcher Building reverses early losses on sale of Tradelink

Tradelink Electronic Commerce

12/08/2024 02:21

** Shares of Fletcher Building  FBU.NZ  rise as much as 1.9%
to NZ$3.160, their highest level since Aug 1
    ** Stock currently up 1.3%
    ** Construction firm said it would sell its Australian
plumbing supplies and distribution business Tradelink for A$170
mln($111.84 mln)
    ** Says sale of Tradelink to Australia-based Metal
Manufactures Pty
    ** Co reversed early losses of 0.3%
    ** Co expects to record non-cash impairment on Tradelink
business of about A$32.5 mln in its accounts for FY24 based on
forecast sale proceeds
    ** Stock has fallen 34.3% this year as of last close


($1 = 1.5200 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))