November 5, 2019 / 8:59 PM / 11 days ago

NZ's Fletcher Building to update on key project delivery in Feb next year

Nov 6 (Reuters) - Fletcher Building said on Wednesday it would provide an update next February on the delivery date of a key project after a massive fire at the site last month added to delays in its construction.

The company is building a convention centre in Auckland called the New Zealand International Convention Centre (NZICC), but the fire has raised doubts over whether it will be ready to host the Asia-Pacific Economic Cooperation meeting in 2021.

The construction project, owned by casino operator SkyCity Entertainment Group, is valued at NZ$703 million ($448.65 million) and is the largest underway in New Zealand.

Fletcher said it expects to be in a position to provide a further update when it announces its half-year results in February 2020.

Access to the site remains restricted until investigations into the cause of the fire are completed, it said in its statement.

The company said it was closely working with insurers to determine the impact of the fire on the project’s delivery dateline and costs, as well as the timing of insurance proceeds. ($1 = 1.5669 New Zealand dollars) (Reporting by Shriya Ramakrishnan in Bengaluru Editing by Gareth Jones)

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