Fletcher seeking to raise $A400M

Fletcher said it was also planning to slash its share dividend, forecasting that its net earnings would be hit by $A129 million in restructuring costs and capacity reduction initiatives, impacting the guidance given in February of $A233- 271 million.Fletcher is the world’s biggest manufacturer of steel roof tiles, and is New Zealand’s third-largest listed company. The company said the equity raising would extend its financial headroom and provide flexibility to access growth opportunities during the market recovery phase.

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