Boral Limited
(ASX:BLD) has announced it will sell its 40 percent interest in its Boral CSR Bricks joint venture to CSR.
CSR will purchase the stake for a total cash consideration of $133.9 million.
As a result of the sale, Boral expects around $6.5 million lower equity earnings contribution in FY2017, relative to the prior financial year.
The company will recognize a $20-$25 million post-tax profit on the sale, which will be reported as a significant item in FY2017.
Boral Limited reported a net profit of $256 million at 30 June 2016.
