June 29 (Reuters) - Fletcher Building Ltd FBU.NZ :
* REACHED AGREEMENT TO SELL ITS 50 PER CENT STAKE IN SIMS PACIFIC METALS JOINT VENTURE TO SIMS METALS MANAGEMENT FOR NZ$42 MILLION
* TOTAL PROCEEDS OF DIVESTMENT ARE EXPECTED TO BE BETWEEN NZ$55 MILLION AND NZ$60 MILLION