New Zealand banks are moving quickly to lower mortgage lending rates after the Reserve Bank of New Zealand cut its official interest rates.
Fletcher Building has completed the $A150 million sale of Rocla Quarry Products assets to Hanson Construction Materials following clearance from the Australian Competition Commission and the Foreign Investment Review Board.
The additional sale to other parties of joint venture quarry assets and other Rocla Quarry asset outside of the Hanson deal, has netted a further $A44 million, taking the total consideration received to $A194 million.
Fletcher Building said completion of the sale will result in a profit of about $NZ85 million ($A77.71 million), reflecting the gain on sale of the Rocla Quarry Assets, offset by transaction costs and adjustments to asset carrying values.
The profit will be booked in the 2016 financial year ending June 30.
The sale was announced in August when the building products and construction company reported its full-year operating earnings of $NZ653 million for the 2015 financial year.
The deal doesn't affect the ownership of Rocla Pipes & Concrete Products and GBCWinstones which remain a core part of Fletcher's portfolio.
Fletcher Building shares fell 0.7 per cent to $NZ6.86 and have dropped 6.8 per cent on the NZX so far in 2016.