Aquaduct was put into receivership in April after defaulting on its debt facilities with Westpac.
Steel framing for houses has become a feature of post-earthquake Christchurch house building.
Net profit rose to $21.4 million, or 24.5c, in the 12 months ended June 30.
The company will pay $26 million in cash and $6 million in shares for MSL.
Net profit was $10.8 million in the six months ended Dec. 31.
Directors beware: court had ruled parent company liable for subsidiary’s debt.
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