Tower gets approval for share buyback

Tower has announced that it has received approval from the Inland Revenue Department (IRD) for its proposed share buyback.

The IRD has confirmed that no part of Tower's $45 million mandatory capital return, which will be conducted through a share buyback, is in lieu of dividend payment.

However, the capital return is still subject to several conditions, including shareholder approval at Tower's annual shareholder meeting in early 2025, High Court approval, and the company's continued compliance with solvency and prudential capital requirements.

Tower's board must also remain satisfied that the capital return is prudent to undertake.

If all conditions are met, the capital return is expected to take place in March 2025.

The exact dates will be confirmed closer to the payment time.