Kier Sinks After Report of Discounted Sale of Housebuilding Arm

Shares in Britain’s Kier fell more than 35% on Friday to a record low after the Times newspaper reported the construction and services group was rushing to sell its housebuilding business at a discount to cut mounting debt, Reuters reported. The report was the latest setback for the group, which has contracts for major projects including London’s Crossrail link, following a profit warning last week. The shares fell as much as 36.3% to 129 pence by 1415 GMT, the lowest since it listed in 1996, erasing all of the 24% gains made since Kier’s profit warning on June 3. Last week’s warning had sent Kier’s shares down 40% to their lowest in two decades and wiped off 185 million pounds from its market value as investors speculated the company might cut dividend payouts and seek to raise more funds after a failed share issue last year. Read more