Tower joins NZX 50 portfolio index

Tower has been announced as the newest addition to the NZX 50 portfolio index and midcap index.

The inclusion, which is set to take effect on October 22, 2024, is subject to Overseas Investment Office and final court approval of the scheme of arrangement involving Arvida Group and Stonepeak Alps BidCo. Tower's chair, Michael Stiassny, described the milestone as a symbol of the company's successful repositioning efforts.

Tower's chief executive, Blair Turnbull, reaffirmed the company's focus on being a leading direct player in the New Zealand and Pacific markets, leveraging digital technology and data for improved efficiencies and customer experiences.