New Tower shareholder happy at 5.8%

The Auckland floods knocked insurers about. (Image: Getty)

Wed, 26 Jul 2023

Tower’s new shareholder, Pacific International Insurance, is confident in the general insurer’s future as a solid investment but has no intentions beyond that. Pacific International emerged as a substantial shareholder of Tower on Wednesday, buying almost 22.1 million shares for A$12.9m (NZ$14m), or roughly 58.4 Australian cents each. The dual-listed stock recently traded at 62 NZ cents on the New Zealand stock exchange (NZX) and 57 Australian cents on the Australian securities exchange (ASX). Kristy Sheppard, communicatio...

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