Fletcher Building denies reports on equity raise

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10 months Ago

Fletcher Building denies reports on equity raise

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In a short statement to the share market, the country’s largest building company denied the report. (file image)
Photo: RNZ / Cole Eastham-Farrelly

Fletcher Building is denying a media report suggesting it is weighing up a capital raise.

The Australian newspaper reported that market speculation suggested the company could be making a move to raise money as early as next week.

However, in a short statement to the share market on Wednesday morning, the country’s largest building company denied the report.

“Fletcher Building Limited is aware of a news media report stating that it is weighing up an equity raise. This is inaccurate and Fletcher Building is seeking to have the story removed,” it said.

The company was due to release its half-year result next week.

Earlier this week, Fletcher Building revealed it was setting aside $180 million for likely losses on two big projects.

It put aside $165m for further costs in the rebuild of the International Convention Centre in Auckland, and $15m for a car park building at Wellington Airport.