FBU Completes Sale of 50pc of Fiji Construction

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand


Fletcher Building Completes Sale of 50% of Fiji Construction

Auckland, 31 July 2024: Fletcher Building Limited (the “Company”) advises that,
following receipt of regulatory approvals, it has successfully completed today the
transaction to divest 50% of its Fiji construction business.

The divestment to two local partners, Fiji National Provident Fund and Fijian Holdings
Limited, was previously announced on 19 June 2024. Consistent with that disclosure,
the transaction values the Fiji business, comprising Fletcher Construction and Higgins
branded operations, at approximately NZ$40 million. The Company has received cash
proceeds of approximately NZ$20 million for the sale of the 50% stake in the business.
The Company will record a non-cash impairment of approximately NZ$15 million on
the business in the FY24 Financial Statements.

Acting CEO Nick Traber said: “We are pleased to conclude this transaction in Fiji with
two strong local partners who we have a long-standing relationship with. Now the
transaction is complete, we look forward to working together to continue making a
positive impact on Fiji’s infrastructure development and accelerating growth.”

The agreement does not impact on the Company’s New Zealand construction
business.

#Ends

Authorised by:
Haydn Wong
Company Secretary

For further information please contact:

MEDIA
Christian May
General Manager – Corporate Affairs
+64 21 305 398
Christian.May@fbu.com
INVESTORS AND ANALYSTS
Aleida White
Head of Investor Relations
+64 21 155 8837
Aleida.White@fbu.com