New Zealand's Fletcher Building raises $700M to repay debt, improve financial stability amid housing decline.

Fletcher Building, a New Zealand construction firm, is raising $700 million to improve its financial stability amid a significant decline in housing activity. The capital will primarily be used to repay debt, with plans for issuing new shares at a discount. The company has faced substantial losses, including a $227 million net loss, and aims to enhance operational performance while avoiding asset sales. A trading halt has been initiated to facilitate this capital raise.

September 22, 2024
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